Mid-week market update: The latest BoA Global Manager Survey shows that institutions have stampeded into U.S. equities in the wake of Trump's victory. The apparent crowded long position is concerning from a contrarian viewpoint.

I had suggested on the weekend that it was time for the S&P 500 to pause and take a breather. The market duly consolidated and trade sideways this week. How far can the post-election rally run?