It was another brutal as markets grappled with what Goldman said was "an avalanche of things" (the top 10 of which are listed below). The S&P tumbled -3.1%, but it would have been far worse had Friday's comments from Powell not pushed the S&P from its worst week in years; Equal Weight S&P -2%, NDX -3.7%, RTY -3.9% & Momentum Longs (GSCBHMOM) -9%.
The long/short unwind got materially worse Thursday through Friday though ‘pain’ was felt the most anecdotally on Goldman's desk ("gross-downs certainly were out there under-the-surface" as pro subs can read on their own).
