Positions Report – 5/2/23

From a long time horizon, our outlook remains the same. We will likely continue to see the market trade within a range for the next several weeks/months until the inevitable credit cycle causes risk assets to crash. What we are seeing is a handful of big tech names, which hold a growing weighting in the S&P 500, are propping up the markets, while aggressive selling is taking place underneath. This is not the characteristic of a burgeoning bull market; instead, it is the type of behavior we see towards tops.

Members receive institutional-grade context on positioning, risk, and catalysts — not just headlines.

Our research team publishes deep dives on sector themes, earnings setups, and portfolio actions as conditions change.