'Churning More Than Usual': Goldman Macro Trader Sees "Weak Getting Weaker" & "Elevated Expectations In Frothy Segments"

Another week... and the markets continue to deliver.

We got through earnings without much of a blip at headline index levels (S&P earnings - we saw ~60% of companies beat by at least one stan deviation (vs historical count of 51%) and only 10% missed vs historical avg of 12%). Misses generally punished, meets result in disappointment and beats do what they should do relative to history.

Authored by Tyler Durden via ZeroHedge May 21st 2024