Offsides Macro
· Offsides Macro
· May 17, 2026 at 22:32
· ⏱ 1 min read
| Read on Substack ↗
Summary
The author provides a brief update on market positioning across multiple asset classes, highlighting notable extremes and flow trends. Key observations include significant dispersion in equities and extreme positioning in copper and specific rate tenors.
•Equities show dispersion, with S&P positioning in the upper quartile while Nasdaq remains at lower extremes.
•In rates, 2-year positioning momentum is rising, whereas 5-year positioning is pinned near upper extremes.
•USD positioning remains in the upper quartile despite a downtrend in the cadence of flows.
•Copper positioning has reached upper extreme territory as metals flows move higher.
•WTI crude is experiencing continued net selling, approaching a meaningful inflection point.