'Preparing For A Pull Back': JPMorgan Tells Clients "Use Low Vol Levels To Add Downside Protection"

What a difference a month makes...

JPMorgan's Delta One Group points out in a note this morning that we have moved from (seemingly) endless bearishness to the (cautiously) optimistic bullishness.

The move has aggregate positioning in the 80th percentile, dating back to 2015 (more color from Positioning Intel is below).