From JPM’s Thomas Lee:A key point we want to emphasise is that clients are positioned as if this is 2009. We cite 4 examples:. (i) client positioning based on CTFC data is as risk averse as it was on March 2009, based on analysis by Nikolaos Pannigirtzoglou, JPM Asset Allocation (Figure 10); (ii) Short interest at 3% of float is highest since March 2009 (Figure 11); (iii) Inv Intelligence % Bears at 45% is highest since March 2009 (Figure 12), and (iv) % stocks above 200-day moving average is 7%, lowest since March 2009 (Figure 13). These are only 4 examples. This is borne out by our conversations with major hedge funds and long-only clients. Thus, we believe the market would have to reposition if neither (a) global recession nor (b) 2008-2009 crisis takes place.