We take a look here at what BofA/Merrill Lynch has surveyed as the “most crowded trades” in the market.  Most are taking on water as the crowd is leaning to the same side of the boat.

Big losses for Japanese Yen shorts.   U.S. tech equities and corporate bonds the only trades working this year.  So far.

Generally, but, not always,  it’s  safe to bet against the crowd in the short-term as traders and algos, who are the near term marginal price setters, can’t take the pain as the market moves against them.

What matters is the long-term, however.  Most of these investors surveyed,  our hunch, are not traders.