Vanda turns bearish US Equities

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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