With investors continuing to be fixated on the possibility of a Greek default, speculators remain massively short both the S&P 500 and the Euro.
Current net short positions on the U.S. benchmark are the most extreme on record, according to National Bank Financial.
As a result, if a credible political and institutional framework to help Greece deliver on its fiscal reform commitments emerges from the European Union, it could serve as a catalyst for a meaningful rebound in global equity markets, chief economist and strategist Stéfane Marion said in a note to clients.
That is, of course, if risk aversion positions are unwound.