8 September 2025
Top 3 This Week
- Heatmap continues to drift more bullish—most bullish since December
- Canadian dollar sentiment sinks to a 30-year low in CFTC positioning
- Macro Hedge Fund Beta climbs to its highest level in 7 years
Sentiment Overview
- Most bullish since December: Our Risk-On/Risk-Off Heatmap now sits at the 63rd percentile, its highest in 8 months. It’s edging close to the 2024 high of 66 but still well below the sell threshold of 73. Historically, this zone has coincided with below-average equity returns over the following year.
- Heatmap shifts this week: 36 bullish vs. 22 bearish.
- Net Call Volumes have all risen above the 90th percentile, though not quite at sell thresholds.
- Hedge Fund Betas keep climbing. Macro Hedge Fund Beta is now the highest in 7 years, while other strategies are also becoming more bullish.
- The AAII Bull-Bear survey slipped again to -12% net bearish. Not a buy signal, but a notable counter-point from a high-quality indicator to the general narrative of spreading bullishness.
- ETF net issuance continues to tick up but is still far from extreme bullish levels.