Global Equities Call

Global markets are recovering on hopes of an end to the Iran conflict, despite extreme oil volatility. Market positioning shows record hedge fund leverage and macro shorting, signaling significant potential for a short squeeze.

Key Takeaways

• 1.Global markets are rebounding following signals from Donald Trump that the war in Iran may end soon, though crude oil remains highly volatile.
• 2.Hedge fund gross leverage is at near-all-time highs, with macro product short exposure reaching the 93rd percentile, creating extreme 'right tail' squeeze risk.
• 3.The Magnificent 7 are acting defensively, outperforming tech baskets due to cleaner positioning and robust AI sentiment.

Table of Contents

• WHAT WE'RE WATCHING
• GS PB Update
• Squeeze Risk
• GS Buyback Update
• Mag 7
• CTA Update
• STANDOUTS FROM YESTERDAY
• Oil Comment
• Crude Move
• Flows
• Chart of the day
• EARNINGS
• GS RATING AND CONVICTION LIST CHANGES

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