Last weekend we reported that according to Goldman's Prime Desk, as stocks extended their post-August slump bounce, hedge funds - who had turned very bearish ahead of the late-July swoon, and then turned briefly bullish - were again selling and shorting stocks. One week later, we get more of the same with Goldman's Prime Brokerge again reporting that as market extended their gains (and hit new record highs after Powell's dovish Jackson Hole conference), hedge funds (ex CTAs) are again fading the rally.
Below we excerpt from the full must-read August Prime Insights and Analytics chart pack available to pro subscribers in the usual place.
Equity markets have staged an impressive rally in the past two weeks (MSCI TR +8.3% since Aug 5th), amid a confluence of factors including
