Latest fund manager survey just dropped some interesting signals: January showed the strongest bullish sentiment we've seen since last July, and here's what caught my eye—hedge positioning hit an 8-year low.

What does this actually mean? Fewer fund managers are protecting their downside right now, which typically signals pretty high conviction in the rally. Whether that's peak greed or justified confidence in current market conditions is the million-dollar question.

The shift from July to now has been notable. Back then we were already seeing recovery momentum, but this January reading suggests even more aggressive positioning emerging across the institutional side. That kind of sentiment doesn't last forever, so keeping tabs on when this starts reversing could be key to managing your own risk.