After 2 weeks of selling, and especially after last week's notable surge in shorting by hedge funds which culminated with the most selling of tech names in over 7 months (as discussed here) US equities saw the largest net buying by hedge funds since mid-Jan, led by long buys in Single Stocks and short covers in Macro Products. While Tech was the most notionally net bought sector this week - in a reversal of the prior week as the market swings from one sentiment extreme to the other - HFs net bought nearly all Cyclical sectors (sans Financials), led by Industrials (largest net buying since Mar ’22) and Real Estate (6 straight weeks of net buying).
Below we excerpt from the must read Goldman Weekly Equities Rundown report, which we believe is an indispensable piece for every serious trader as it reveals what Goldman's own traders think and do (not its useless research desk which merely feeds the bank's own traders with institutional flow and does nothing more than validate the chasing of momentum), and below we excerpt from the latest full report for the benefit of our premium and professional readers (full analysis available to our pro subscribers in the usual place).
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