Sentiment in crypto is rock bottom Meanwhile stocks are recovering from deep fear into the neutral zone But this chart shows that asset managers are fully bulled-up Net positioning in S&P 500 futures is hitting 49% in long positions as we head towards the new year Current positioning is now close to an ATH, two standard deviations above the norm, and approaching double the 26% long-term historical average. If you’re a contrarian trader, you’ll take that as a warning But on the other hand, with Fed balance sheet expansion, and a new Fed Chair (who is likely to be dovish and Trump-aligned) set to be announced in January, bullish positioning makes sense. h/t @KobeissiLetter(Lark Davis)