Positioning Suggests a Further Press Higher in Equities Amidst a Bond Selloff

• Some notable short- and medium-term shifts in positioning and sentiment.

• Current positioning trends suggest my views from a few months ago for inflections higher in manufacturing and inflation (both sticky/trailing data and expectations) are beginning to see broader acknowledgment in market narratives.

• When the crowd starts to come around on a narrative, and trends firm up with confirmatory price action, it is time to go for the throat.