They've already told you they're going to focus their guns on this from a policy standpoint, right? You've heard best talk about housing emergency. There's so many levers they can pull with these. You know, government agencies guaranteeing mortgages, potentially buying back, MBs, you know, all these kinds of things. So I know this is just the macro portion of the show, but this sets up fine.
You know, there's also the sell Rosh Hashanah by Yom Kippur, and you know, we're coming into that at the end of this week. So as far as I'm concerned, everything is still fine. We're above the 921 day EMAS and major in CS, and we're getting into a seasonally favourable period that expresses itself more so in small caps than any other segment in the market. So the key things are working, right? Robotics, new tech defense, you know, rare earth, nuclear.
SourceSo there's plenty of names to pick from. That's where I stand, a godfather. And I don't know if you mentioned this, but like this, once again, the the most underrated influencer of market movement, you know, not getting much love liquidity,
Look, positioning actually isn't overly bearish right now for the markets.
And by that, I mean it's not overly bullish. We've seen a fair amount of degrossing going into the end of the September quarter, despite what we've seen in terms of index and leading tech returns that I just mentioned.
There is positioning, let's just say conservatism creeping into the three big players in the market, those being pensions, fundamental, long, short funds and hedge funds. There is another sort of 20 billion or so in pension rebalancing going into quarter end, and that will flip as soon as the calendar changes. So again, seasonally, as money Mark pointed out, starting in October, it starts to become a positive time again for the market. And part of this is driven by these positionings.
You look at the hedge funds, for example, they cut positioning last week for the first time in four weeks. And they did it in size. They did it, you know,