One reason the first Covid crash was so brutal back in March 2020 was all the froth that built up in markets before the virus landed. While there are differences for traders navigating the latest scare, a lot is the same, too.
Chief among the similarities is a prevailing sense of comfort that investors found in solid economic data, robust earnings and an accommodative Federal Reserve. From retail amateurs to professional money managers, equity positioning sits at levels of bullishness that could exacerbate a reversal.
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