BREAKING: CTA positioning in US equities has hit the 100th percentile, meaning they are "max long." Commodity Trading Advisors are systematic, “rules-based” funds that trade automatically, often amplifying market moves. CTAs bought 27.7 billion of US equities in July and August, according to Goldman Sachs estimates. This has helped drive euphoric market sentiment and historically strong momentum since April 2025. With volatility starting to return, keep watching CTA positioning.(The Kobeissi Letter)