Markets have been frankly wild recently. Equities have collapsed firmly into a bear market. Politics may be playing a part, while the coronavirus (which causes the COVID-19 disease) is still taking center stage, yet it is important to consider that equities were considerably strong going into this bear market.
From the chart below, we can see (from Commitments of Traders data, published by the Commodity Futures Trading Commission) that asset managers were extremely bullish on equities prior to the fall. On the bottom pane, we can see the net-long position of asset managers per the