Heading into June
My detailed market outlook heading into June + update on my current portfolio & top trade setup for this month...
May was a big month for US stocks with the Nasdaq (+9%) leading the charge higher, its best month since November 2023.
In my view, the stock market rally in May was largely driven by:
(1) Better than expected Q1 earnings
(2) Positioning tailwinds (discretionary & systematic funds were very underweight and have been forced to chase)
(3) Tariff news relief (no major tape bombs)
The positioning dynamic is one that I have pounded the table on here at Marlin Capital throughout 2025. The velocity of moves in total positioning have been nothing short of historic this year.
So, where do we stand now positioning-wise?