Macro Risk Advisors do a great job at tracking positioning across all asset classes and their derivatives.In their weekly Cross Asset Positioning Map report published this week MRA say positioning across asset classes does not depict a very clear cut sentiment with short covering in HY credit (risk-on), stalled longs in Cyclical Equities, and increasing longs in Defensive Equities and US Bonds (risk-off). Defensive equities have the momentum of late and offer further upside potential in a risk-off scenario, particularly if rates remain low. In terms of rates positioning, the ‘Powell pause’ has driven TLT short interest to three-year lows and CTA bond longs to two-year highs, while in credit, short interest in credit ETFs (e.g. HYG, EMB) continued to fall, a positive sign for the credit complex. In currencies, the implied FX skew indicates net long dollar positioning, with the exception of GBP due to ongoing Brexit negotiations. Finally, on EM, positioning presents a neutral picture as EM futures indicate less longs, whereas short interest in EM Equity/Bond ETFs has decreased substantially.