Market Is Not Well Positioned for Another Risk-Off Episode Speculator positioning over the last few weeks has become net risk-on, leaving the market subject to upset if the latest geo-economic flare-up over Greenland escalates. The market is even less prepared for a risk-off move from this perspective than it was when Trump launched his tariff salvo last year, with the net measure back then significantly more in favour of risk-off instruments. Macro hedge funds and CTAs, too, have likely been adding to riskier positions through their exposure to US stocks, which we can imply from the rising sensitivity of their returns versus those of the S&P. (Bloomberg)