We view any equity weakness (possible) post-March CPI as chance to BTD given magnitude of "trapped bears" and softening inflation trends

On the eve of the March CPI report (released on 4/12 at 8:30am ET), few investors have conviction on what to expect from the actual report -- in other words, most are "flat" going into a report with an uncertain outcome.

On the other hand, investor positioning still leans negative. This was discussed Monday by our Head of Technical Strategy, Mark Newton, who showed speculative S&P 500 futures net positioning is the most negative since 2011. That is a 12-year high. Wow. Moreover...

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