. % Bullish, 52-Week Average 60 55 20 1988 1993 1998 2003 2008 2013 Data through December 31, 2016. Source: Investment Strategy Group, Bloomberg, American Association of Individual Investors. Exhibit 57: Non-Dealer US Equity Index Futures Positioning There is scope for increased US equity positions. $bn 140 120 + 100 - 80 4 60 + 40 20