Hedge Funds Are Going to Get Caught Wrong Footed

According to BofA, hedge funds are very long crude oil and very short natural gas and long term treasuries.

They aren't crowded long equities, but they do favor small cap and low quality 'junk' stocks - names that are perceived to be "economically sensitive" and which should be benefiting from the recovery, but somehow still aren't profitable.

In short, they are positioned totally incorrectly for what is to come.