Meta Strategy Trading Portfolio – Probability Map Update.

Sentiment is shifting!

There is nothing quite like a good rally to inspire a shift in overall market sentiment.

Even macro market commentary is becoming more nuanced: While an economic slowdown remains the consensus, more room is given to alternative scenarios about how this may play out in the stock market.

A big nothing-burger in economic news has implications for stocks when viewed through the lens of volatility:

Nothing means up.

Additionally, positioning by asset allocators follows swings in sentiment and both of these factors have plenty of room to run, before the see-saw tips to the other side.