But Goldman Sachs' Scott Rubnerbecause positioning data shows that hedge funds and retail investors are overly bearish, essentially fighting the ongoing rally.
And there's a lot of firepower for the stock market to rally if tactical traders flip bullish, as Rubner suggests is possible. But if momentum continues to flip to the upside, those traders could be forced to exit their short positions and flip their exposure to long equities, essentially adding fuel to the ongoing rally, according to various scenarios of Rubner's trading model.
"There is simply too much going on in the 'macro' to have a confident trading call, but I am bullish equities for April," Rubner said.
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