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US TSYS: Long Positioning Heightens Bearish Risks

US TSYS

Late on Thursday J.P.Morgan noted that “with positioning measures reaching extremely long levels, it’s possible that positioning could be adding pressure here.”

  • This positioning could also exacerbate post-PMI moves, if the survey data provides an upside surprise later today (a reminder that markets are usually more sensitive to the ISM survey data than the PMIs).
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Late on Thursday J.P.Morgan noted that “with positioning measures reaching extremely long levels, it’s possible that positioning could be adding pressure here.”

  • This positioning could also exacerbate post-PMI moves, if the survey data provides an upside surprise later today (a reminder that markets are usually more sensitive to the ISM survey data than the PMIs).