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Climbing the Wall of Worry — Nobody Believes the Bounce

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Climbing the wall of worry

S&P 500 up 14% since April’s 7th intraday low - now trading back above 20x PE. Mag-7’s best week in 3 years (+9.4%) . US HF net leverage has bumped a lot from absolute lows (now sits at 49% vs a recent low <40%), but is still of course generally low at 24th percentile on a 1Y view, or 43rd percentile on a 5Y view. Let's have a look at all the latest data.

50%

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