Despite all the chaos last week (2nd largest cumulative 15-day net sell skew across our floor in the past 3 yrs), Goldman Sachs trading desk notes that there was not a big positioning wash out and the S&P correction magnitude was in line with history...
Part of the selloff reflects the unwind of large-cap momentum, which began with Walmart’s cautious guidance 3 weeks ago and continued with Nvidia’s earnings release.
