---
title: "Markets Up, Morale Down: A Summer of Disbelief by JC Parets, CMT"
description: "Throughout the summer, investors were wrong about stocks. And it was one of the greatest summers in stock market history.\n\nBelow is the futures positioning among asset managers and hedge funds: the blue line represents the S&P 500, and the lighter green line shows you how underinvested they've been.\n\nThey sold into the hole and never got the chance to get back in.\n\nThis was a textbook V-bottom, and they're still not back in.\n\nThis is one of those things that can help keep a bid underneath the market.\n\nSource: J-C Parets"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Markets Up, Morale Down: A Summer of Disbelief by JC Parets, CMT](https://blog.syzgroup.com/syz-the-moment/markets-up-morale-down-a-summer-of-disbelief-by-jc-parets-cmt)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Sep 15, 2025, 8:31:21 AM

[View full post](https://blog.syzgroup.com/syz-the-moment/markets-up-morale-down-a-summer-of-disbelief-by-jc-parets-cmt)

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