Pinned
Crowded positioning is only a problem if your process assumes the crowd is permanent.
When fund managers are this fully invested and retail is still adding, the system that survives is the one that doesn’t need permission from sentiment to reduce risk.
That’s exactly what
Wall Street's most watched warning gauge just hit 9.7 out of 10.
Any score above 8 means sell.
It has not been this high since the 2021 market peak.
And almost nobody is protected this time.
Here is what you need to know:
Bank of America tracks a gauge called the Bull and
