By: Carter Copeland 

As we do each quarter, we look to month’s end with an attempt to capture and compare where sentiment in our space is most bullish/bearish ahead of the estimate scrubbing and short-term positioning period that often precedes earnings. As always, we use various quantitative measures and qualitative assessments (based on numerous conversations with clients) to rank levels of risk/opportunity/crowdedness across our A&D stocks under coverage (please see figures 1-14). This is our view on the “set up”:

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