Marko Kolanovic: Investor positioning remains light. Hedge funds are positioned defensively with an equity beta in the ~10th %tile, and systematic investors’ exposure is near the bottom of its historical range. CTAs would be covering shorts / buying long if the S&P 500 reaches ~2900. Volatility-targeting funds will start adding equities as volatility declines. Initially this would be at a very slow pace. Given the Fed’s corporate bond backstop, we believe the VIX should follow credit spreads lower.