<h3><strong><a href="https://themarketear.com/posts/ckrAp5FJzk">BE IN THE KNOW, BEFORE EVERYONE ELSE</a></strong></h3><p>A PREMIUM MEMBERSHIP GIVES YOU THE CRITICAL ADVANTAGE.</p><p>SIGN UP <a href="https://www.zerohedge.com/signup">HERE</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d05e4ee-47c3-4e1c-b0c5-28294fb73cf6_1358x777.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/ckrAp5FJzk" rel="noopener noreferrer" target="_blank">BE IN THE KNOW, BEFORE EVERYONE ELSE</a>" class="sizing-normal" height="777" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9d05e4ee-47c3-4e1c-b0c5-28294fb73cf6_1358x777.png" title="<a href="https://themarketear.com/posts/ckrAp5FJzk" rel="noopener noreferrer" target="_blank">BE IN THE KNOW, BEFORE EVERYONE ELSE</a>" width="1358" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><h3><strong><a href="https://themarketear.com/posts/cGPJVEH0BN">Hedge funds cautious</a></strong></h3><p>Hedge funds have been turning more cautious on areas that have been sharply in focus in recent months. Not the same "young at heart" spirit anymore.</p><p>1. Under the surface there’s been some de-grossing with 5d gross flows at -1.1 sigma. </p><p>2. This comes as momentum performance has been choppy lately and HF performance is fairly neutral MTD (+0.3% and flat for quants).</p><p>3. There’s been more selling of various themes and sectors that have previously done well. </p><p>4. Equity L/S net leverage was unchanged this week, but remains at YTD lows. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd249d2f6-3248-4c76-b483-9f64589c708e_483x490.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cGPJVEH0BN" rel="noopener noreferrer" target="_blank">Hedge funds cautious </a>" class="sizing-normal" height="490" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd249d2f6-3248-4c76-b483-9f64589c708e_483x490.png" title="<a href="https://themarketear.com/posts/cGPJVEH0BN" rel="noopener noreferrer" target="_blank">Hedge funds cautious </a>" width="483" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a></figure></div><h3><strong><a href="https://themarketear.com/posts/cfQeAED0W-">2 weeks of de-risking</a></strong></h3><p>Morgan Stanley's prime brokerage desk reports that US L/S net leverage is at 54%, representing the 65th %-tile on the longer-term basis. Notably, the current level is materially off peaks seen two weeks prior (~60%). (MS PB)</p><h3><strong><a href="https://themarketear.com/posts/cuSXvUxtrF">Hedge funds selling Momentum & Growth stocks</a></strong></h3><p>The basket of "12m Momentum" longs have seen some strong and consistent selling in the past 2 weeks with 10d flows hitting a -2z and most negative since March.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc26ae74-056c-4b13-afad-312507237083_604x353.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cuSXvUxtrF" rel="noopener noreferrer" target="_blank">Hedge funds selling Momentum &amp; Growth stocks</a>" class="sizing-normal" height="353" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc26ae74-056c-4b13-afad-312507237083_604x353.png" title="<a href="https://themarketear.com/posts/cuSXvUxtrF" rel="noopener noreferrer" target="_blank">Hedge funds selling Momentum &amp; Growth stocks</a>" width="604" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: JPM PI</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cDCf8E4Jgw">Turning negative</a></strong></h3><p>The JPM "US Tactical Positioning Monitor" sees the 1 week and 4 week changes turn negative showing a 1 week change of -1.5z and 4 week change of -1.0z.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d5b6aab-ff6f-4144-9a8a-ee33b3fea4ef_641x398.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cDCf8E4Jgw" rel="noopener noreferrer" target="_blank">Turning negative </a>" class="sizing-normal" height="398" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6d5b6aab-ff6f-4144-9a8a-ee33b3fea4ef_641x398.png" title="<a href="https://themarketear.com/posts/cDCf8E4Jgw" rel="noopener noreferrer" target="_blank">Turning negative </a>" width="641" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: JPM PI</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cRHeUEZB8b">Shorts</a></strong></h3><p>Shorts making a new high.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6b883e21-d6ec-4b8f-939a-772ad958d400_530x309.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cRHeUEZB8b" rel="noopener noreferrer" target="_blank">Shorts</a>" class="sizing-normal" height="309" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6b883e21-d6ec-4b8f-939a-772ad958d400_530x309.png" title="<a href="https://themarketear.com/posts/cRHeUEZB8b" rel="noopener noreferrer" target="_blank">Shorts</a>" width="530" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Goldman</figcaption></figure></div><h2>Moving away from hedge funds and to broader sentiment</h2><h3><strong><a href="https://themarketear.com/posts/cqo0viQugY">Still not super-stretched</a></strong></h3><p>The GS sentiment & positioning indicator is still not at extreme extremes...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feed817f6-33e2-48fd-aa63-4f5a40edb503_379x294.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cqo0viQugY" rel="noopener noreferrer" target="_blank">Still not super-stretched</a>" class="sizing-normal" height="294" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feed817f6-33e2-48fd-aa63-4f5a40edb503_379x294.png" title="<a href="https://themarketear.com/posts/cqo0viQugY" rel="noopener noreferrer" target="_blank">Still not super-stretched</a>" width="379" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Goldman</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/csG2wU4iIt">Extremely neutral</a></strong></h3><p>BofA Bull & Bear Indicator at 5.9.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde3055a4-2baa-45be-8662-1875f1cb1676_426x257.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/csG2wU4iIt" rel="noopener noreferrer" target="_blank">Extremely neutral</a>" class="sizing-normal" height="257" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fde3055a4-2baa-45be-8662-1875f1cb1676_426x257.png" title="<a href="https://themarketear.com/posts/csG2wU4iIt" rel="noopener noreferrer" target="_blank">Extremely neutral</a>" width="426" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: BofA</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/ce8CsDbx9C">Barry's bear boot camp</a></strong></h3><p>Barry Bannister sticking to his recent bearish call seeing a -10% S&P 500 correction in 2Q-3Q24, due to:</p><p>1. Sticky (and slightly higher) inflation 2H24, starting early 3Q24E</p><p>2. No Fed rate cuts in 2024, despite sluggish cyclical economic growth</p><p>3. S&P 500 P/E to decline ~2 multiples (about 500 points) by 3Q 2024E</p><p>We are bringing this up as evidence that there are still bears out there on the street.</p><h3><strong><a href="https://themarketear.com/posts/ccn2uAgUBS">Pretty incredible</a></strong></h3><p>"While the S&P 500's price has been making new all-time highs this week, its cumulative advance/decline line has yet to get there and is trending slightly lower. Shorter-term, it's pretty incredible to see the S&P's 10-day advance/decline line near oversold territory even though price has rallied."</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6748a092-e881-4652-9419-a02880efbea4_886x366.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/ccn2uAgUBS" rel="noopener noreferrer" target="_blank">Pretty incredible </a>" class="sizing-normal" height="366" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6748a092-e881-4652-9419-a02880efbea4_886x366.png" title="<a href="https://themarketear.com/posts/ccn2uAgUBS" rel="noopener noreferrer" target="_blank">Pretty incredible </a>" width="886" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Bespoke</figcaption></figure></div>