A clash of sentiment

Mid-week market update: What should one make of sentiment readings? Credit Suisse reported that long/short hedge funds are now in a crowded long position:

One result of April’s latter month short covering is an all-time high net long exposure among equity long/short managers globally, albeit on a historically low gross exposure.

That's contrarian bearish, right? Yes, but that snapshot isn't the whole story.

The full post can be found here.