Citadel Sees Market Excesses Unwound

Citadel's Rubner says the early-summer excesses have largely been unwound.

Retail investors reduced risk, leverage normalized, market concentration declined, and many of the market's largest technical headwinds have begun to fade. "As a result, we believe investors can increasingly spend less time focused on positioning and more time focused on fundamentals.

Position sizes and risk budgets are likely to rebuild gradually, supporting a lower volatility grind higher rather than the type of V-shaped recovery experienced earlier this year."