The selloff thesis meets an inconvenient set of chartsWe have written extensively over the past few days about stretched positioning, euphoric sentiment, and why equities increasingly look vulnerable to a pullback. So we almost spit out our coffee this morning when these updated positioning charts landed on the desk. Positioning analysis is messy by nature — there are always conflicting signals. But these six charts all point in the same uncomfortable direction for bears: perhaps positioning is not nearly as extreme as many feared. Does it change our short-term pull-back thesis? No. But it for sure reduces conviction.Momentum: That was quick