$spx @ Max entropy....no-edge, coin-toss, awaiting a new emergent order...

HF positioning

1. US net exposure at 40%, 9th%tile over the last 12M, 3rd%tile since 2010.

2. Gross exposure 182%, the 11%tile over the last 12M , 50%tile since 2010.
MS PB

h/t @themarketear @spotgamma https://t.co/VlWOFyaZGV