And since money talks and bullshit writes long-winded research reports "explaining" what may or may not happen, here is a brief rundown of what every major investor class has been doing for the past few weeks so it hopefully becomes a little more clear why stocks continue to surge.

AS DB's Parag Thatte shows in his latest Investor positioning and flows chartpack, after an unprecedented puke in March, systematic (i.e., quant, algos, vol-targeting, and generally "machines") strategies has been behind the modest tick higher in positioning - which is still near record lows - even as discretionary (i.e., human, hedge fund traders) positioning has turned again and is back near recent lows.

Within systematics, vol control investors have continued to rise mostly thanks to the fast drop in the VIX, which closed below 28 on Friday: