J.P.Morgan Outline Post-FOMC Positioning Adjustment Overview

J.P.Morgan sketch out their post-FOMC positioning adjustment overview:

• "The short interest in the SPY ETF has increased markedly post FOMC suggesting investors have been adding equity downside protection."
• "The short interest on the LQD and HYG ETFs, the largest credit ETFs, rose even further after the FOMC meeting pointing to elevated concerns among credit investors."
• "The short interest in both the EEM and EMB ETFs has if anything continued to decline, showing little appetite by investors to hedge EM exposures. This could suggest global investors' EM exposures are relatively modest."
• "Our U.S. Tsy futures position indicator suggests that there is still plenty of room for investors to add duration shorts before positions approach their late 2018 levels."
• "Despite the post FOMC adjustment, neither the net spec positions nor our momentum signals suggest bullish dollar positions are currently an impediment to further dollar gains."
• "Commodity positions have declined sharply in recent weeks removing a previous near-term positioning headwind."
• "Our momentum signal for gold suggests CTAs have turned quite bearish, suggesting a high risk of mean reversion."