US stocks are nearing new highs, but funds are still on the sidelines? Nomura reveals a "negative risk triangle".
U.S. stocks are hovering near record highs, but market sentiment is showing a rare divergence from price action—low positioning, rising hedging demand, and institutional investors generally remaining on the sidelines. Nomura strategist Charlie McElligott attributes the core pressure behind this phenomenon to a triple-layered "negative risk triangle&
