Positioning is extremely light
1. institutional investor positioning still appears very light. Systematic strategies have only been modest buyers and leverage remains near the lows – and likely remains there in the near-term as volatility remains high. Futures positioning remains very light and most shorts have not been covered.

2. US L/S HF net leverage per the MS PB Content Team remains low at 45% (15th %ile since 2010) even though that is nearly the highest exposure since late March.

3. hard to suggest all of retail have been big buyers too – the larger ‘slower money’ retail community that doesn’t trade as actively online has $1.6tr in MMF balances and equity mutual funds continue to see withdrawals (albeit modest).”