JPM was sitting pretty heavily on the long side heading into the latest print, but interestingly we're catching some decent buying pressure from hedge funds when prices dip. When you've got that kind of crowded positioning and then see smart money stepping in on weakness, it usually signals some confidence in the near-term direction. The dynamic between retail longs and institutional buyers can be a useful tell for where conviction is actually sitting in the market right now.
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JPM was sitting pretty heavily on the long side heading into the latest print, but interestingly we're catching some decent buying pressure from hedge funds when prices dip. When you've got that kind of crowded positioning and then see smart money stepping in on weakness, it usually signals some confidence in the near-term direction. The dynamic between retail longs and institutional buyers can be a useful tell for where conviction is actually sitting in the market right now.