Markets Rally Into May Before Concern Sets In: Watling

The transcript discusses market trends, focusing on the S&P's performance. It highlights a rally from mid-March lows, with expectations of continued growth through April and into May. The discussion covers the impact of policy responses on market positioning and sentiment indicators, suggesting a potential pullback in the second half of the year. The initial expectation of a weak first half and strong second half may reverse, with concerns about equity markets growing.

What is the speaker's concern regarding equity markets in the future?

What sentiment indicators are mentioned, and how do they compare to previous levels?