Mkt not short?

Morgan Stanley Is Warning Of A “POWERFULLY NEGATIVE REACTION” If FOMC Disappoints

Morgan Stanley strategist Greg Peters is nervous about tomorrow’s FOMC statement:

“As we head toward this week’s FOMC statement, investors are quite nervous and reluctant to be short, with many of their hedges taken off. Thus, if investors get hit with disappointing news over the next couple of days, we could see a powerfully negative reaction in the markets.”

Must admit, I’ve been thinking the opposite to this; that the mkt is short.

Reading this has triggered some impatience in me. If the mkt is short (my view), why hasn’t the S&P rallied more strongly? Why is it finding such a difficult time above 1200?

Good to get a different perspective.

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