The last of us

Everybody bearish has either died or left the trade

We went bearish on the 15h of February and bought puts on the S&P500. Even though that is just 6 trading days and 1.2% ago it feels like we now are in a complete different world - post apocalyptic - for bears. We felt "contrarian smart" when we put on the trade, now we feel less convinced as the "AI glory glory hallelujah" theme seems to have limitless upside. However, here is a run-down of the sentiment & positioning observations that still would support a bearish thesis.

Some small signs of panic