"There never was a 'sell America' trade and there's no 'Hedge America' trade either"

1. Copper vs. yields. "Copper and long term U.S. yields have been moving together for years. Not perfectly, but when one starts to trend, the other usually follows ... If copper is telling the truth here, yields don't stay behind for long."

2. Foreign flows vs. US assets. "Foreign flows into the US are at eye-watering levels. There never was a 'sell America' trade and there's no 'Hedge America' trade either. Markets ignore much of the political volatility and continue to see the US as the single best growth story out there."

3. Hedge fund shorts. "Overall short exposure in macro products (Index + ETF) is only modestly below the peak level seen at the end of March."

4. CTAs vs. equities. "We've witnessed the largest 5d stretch of buying of US equities on record. Our latest positioning estimate is long $16bn (this has gotten as high as $74bn). Still wood to chop but imagine the pace is less violent."

5. Mag 7 ex-NVDA. The Other 493 are expected to post stronger earnings growth than the Mag-7 ex-NVDA in Q1 (10.1% vs. 6.4%). The same applies for CY26 (15.9% vs. 13.2%).

ICYMI