Citadel Securities strategist Scott Rubner identifies the "pain trade" in US stocks as continued upward movement despite the double-digit surge over the past two months. This contrarian view suggests investors who remained cautious through the rebound are now forced to reconsider their positions as the market defies expectations.

The rally shows resilience from improving geopolitical sentiment, subdued volatility levels, and persistent leadership from mega-cap technology shares. Rubner's analysis indicates these factors are keeping gains intact, creating discomfort for those who positioned against the upward momentum.

This market dynamic underscores how institutional strategists view positioning. Despite the recent rally, the pain trade scenario suggests further upside could force more investors to chase gains, potentially accelerating the momentum rather than causing the correction some anticipate.