JamesHelliwell
Long

Long European / Short US Equities

DAX/SPX  
DAX/SPX  
A Fund Manager Survey today showed that investors are net underweight European equities for the first time since pretty much the European debt crisis of 2012.

With positioning at 3 year bearish extremes and cash positions the highest since November 2001, fear of a new European crisis and a post-brexit fallout appear to be heavily discounted in the price of European equities relative to their global (and particularly US) peers.

Long European equities / Short US equities if the DAX             / SPX             ratio trades at 4.5 or below. This idea is intended to demonstrate the extreme pessimism surrounding European equities, and does not suggest expressing the view via a DAX             / SPX             spread directly. Consider country and sector allocations within this.
Trade active: DAX has today entered a technical "bull market" (+20% press definition) whilst the S&P 500 has pushed on to all-time-highs. The DAX/SPX ratio is rising, indicating outperformance of European vs US equities.
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