Daily Report : Surveys show persistent pessimism; Hedge funds remain short despite rally

The latest batch of investor surveys continues to show apathetic sentiment, with low optimism or even outright pessimism. This is unusual to see after stocks have staged large multi-week rallies. Our AIM model is showing the lowest-ever amount of optimism after such a large gain.; Over the past month, stocks have rallied hard, but trend-following hedge funds appear to have a net short position. After a rally this large, their models would typically have flipped to long positions, so this is unusual and suggests they think we're still in a downtrending market.

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