Why Is There So Much Negativity Around This S&P500 Rally?

• Hedge Funds have increased their position against the US market dramatically over the last few weeks.

• Yet the S&P500 has risen 6% in the last month.

Mutual Funds and futures suggest that rather than this bullishness, the index should have been down 3% over the past few months.

Flows have been weak. This shows a lack of sponsorship for the recent equity rebound. - Goldman