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Broker view of the S&P500


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Interesting quote I picked up yesterday, any views on this?


"The SPX continues to trade in the time window of our late March/early April top projections.  The market is still in its most overbought position since 2009 and together with the internal momentum starting to deteriorate we see the SPX in a final extension instead of starting a new breakout" 


-Marc Muller, UBS analyst

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Ah ok! same source then.  Interesting but it could be if the hedge funds are taking long positions and unwinding their shorts to follow the recent trend.  Commitment of traders data from last week shows exactly this (has been happening over the previous 8 weeks since a spike in net shorts for hedge funds in late Jan).  Trend followers regularly get caught out by major market turns and that is one additional signal I look for, as a contrarian.

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