According to the FMS, the other biggest consensus trade right now is long US stocks vs the rest of the world. In fact, according to BofA, we now have the "largest ever US equity "overvaluation" versus RoW (Eurozone/UK/Japan/EM). Current differential is 96ppt."
And yet, there are those who are only paid if they allocate (other people's) cash into US stocks. So here is the latest breakdown of the most overowned and underowned sectors. Ifthe Fed does indeed surprise the market, not only will it slam the USD, not only will it send US equities (vs all other markets) reeling, but within the US market, the consensus trades will be promptly unwound. Which means the Contrarian play is to go long EM, energy materials, commodities & utilities, while shorting discretionary, banks and real estate and the Eurozone.