22 Dec 2020
TAAM: Short equities, short USTs and long USD
A few things have triggered our bearish US eq view this month:
- Positioning has grown materially more exuberant over the past few weeks, a trend best seen in the market’s current +3.9 SD positioning in US equities and -2.5 SD positioning in USD…
- The fact that we’ve seen pretty much all of the positive catalysts investors could have hoped for this month: resolution in the US presidential race, official approval of multiple Covid vaccines and a stimulus bill… and
- The upcoming Georgia runoff, a risk which remains under-hedged and under-appreciated by market participants.
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