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Market Focus

Positioning Suggests the Pain Trade Is Still Higher for Equities

by Felix-Antoine Vezina-Poirier, Chief Strategist  

Volatility has fallen to 2025 lows even as positioning data show caution despite the S&P 500’s steady rebound. US equities have climbed back to all-time highs with minimal drawdown, steadily compressing realized volatility and pulling implied…

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