After Record Buying, CTAs Set To Sell Over $200 Billion In Down Big Tape

Exactly one month ago, with the S&P trading around 4,200 and sentiment across the street approaching apocalyptic levels, we laid out five reasons why we expect a face-ripping rally to follow:

1. Dealer gamma turns deeply positive
2. $5BN in daily buybacks until mid-Dec
3. CTAs buying up to $200BN in global stocks over next month
4. Hedge Funds least net long since 2011
5. Seasonals pic.twitter.com/Rv3U1HLGHx

— zerohedge (@zerohedge) November 3, 2023

One month later, with the second best November since 1980 in the history books, it's safe to say that our tactical bullish case was correct, if almost too correct because while we said we CTAs to go "apeshit" and buy over huge amount of stocks over the month of November...