Heading into last week's meltup, which saw stocks rise to just shy of 1% of from their all time highs before Friday's modest dip after the shocking collapse in consumer confidence sparked another stagflationary scare...
... we warned that sentiment was substantially bulled up as viewed from the perspective of Goldman's trading desk, as we described last weekend in "Market Dynamics Have Reversed: CTA Selling Impulse Is Gone, Gamma Has Flipped Short, And Buybacks Are Coming Out Of Blackout." And sure enough, as Goldman writes in its latest must-read Weekly Rundown note, stocks ended the week higher (SPX +1.9%, NDX + 1.5%, RTY +1.2%) "as investors digested signs of slowing in the macro data combined with strong corporate earnings." Among the most notable basket movers, Power Up America, Global Copper, and High Floating Rate Debt outperformed on the week, while Bitcoin Sensitive Equities, China ADRs, and Expensive Software stocks underperformed.
