US stock positioning at extreme levels - Deutsche Bank

US stock positioning is near extreme levels, a sign the investors have run ahead of themselves in pricing improving global growth, according to Deutsche Bank AG.

"It is now in the 96th percentile on our consolidated measure, with a wide variety of metrics very stretched,' strategists Parag Thatte, Srineel Jalagani and Binky Chadha wrote in a note Friday, according to Bloomberg. 

Extended metrics include:

• Systematic strategy exposure highest since January 2018.
• Longs in emerging-market futures have risen to record highs.
• Call/put volume ratios are at the top of their historical range.
• Short interest in single stocks is near record lows.
• Short interest in exchange-traded funds has fallen to a new low.

Put simply, the stock market rally looks overdone and a notable pullback could be in the offing, in which case, the anti-risk yen will likely attract strong bids.