Setting up for a bounce? Max fear and a lot of selling....

Hedge fund positioning: Back to lows. 0%-tile

Equity long/short hedge fund leverage is back to mid-March lows. Gross and net leverage both fell about 3% since the end of March which puts both at the 0th %-tile on a 12M basis with gross at the lowest since May 2020 and net at the lowest since September 2020.