Looking at institutional trading desk positioning, there's an interesting divergence emerging in sector preferences.

Large orders are showing stronger buying appetite right now, particularly concentrated in information technology, industrials, and consumer staples. Meanwhile, sellers are more active in macro product exposure, consumer discretionary names, and healthcare stocks—creating a structural imbalance worth watching.

Hedge fund activity tells a slightly different story. The needle tilts toward buying here, but the momentum is concentrated elsewhere: macro products, communications services, and healthcare are where the demand shows up. The asymmetry suggests funds are repositioning around sector rotation rather than broad-based conviction.

The split between these two player types matters. When LOs and HFs aren't aligned on the same sectors, it often signals a period where selective picking beats passive exposure. Tech and industrials look more crowded on the bid, while macro-linked trades might be overlooking some asymmetry.