Stocks stuck in the mind of a child president

Tuesday 27 May 2025

The Market Ear with more.

So little exuberance

Positioning and sentiment remain muted across the board. Hedge fund leverage is at cycle lows, CTAs and systematics are neutral, and there’s over $7 trillion parked in money markets. With so little exuberance, it’s hard to get truly bearish from here. Let’s examine the latest positioning and sentiment data.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.