The last two weeks have seen the biggest increase in hedge fund bullish Russell 2000 positions since July 2008 pushing the net speculative long position for leveraged funds to a record high.

The reflexive combination of hedge fund shorts being squeezed and FOMC Drift pushed Small Caps higher early in the week, but notably since the cut-off data for CFTC reporting, Small Caps have dropped...

Over 57,000 Russell 2000 e-mini contract longs were added in the last two weeks - the most since July 2008 - leaving hedge funds at their most bullishly positioned in US small caps ever...

But as Hedgies piled (or were squeezed) into Small Caps, investors panicked out of S&P ETFs at the fastest pace since Brexit...

And as traders exited S&P longs, they piled back into bond longs (pushing aggregate Treasury positioning back to net long and crushing Eurodollar shorts once again as rate-hike bets are unwound)...