...the bigger risk may not be "the market down" – but rather the market finally rewarding something else...
PremiumA few things continue to stand out beneath the surface of this rally, according to top Goldman Sachs trader, Lee Coppersmith.The market has aggressively normalized the equity vol regime over the past ~6 weeks, but leadership remains extremely concentrated underneath.
...also argue for pairing constructive risk positions with long volatility exposure to protect against those reassessments and…
The most prominent trading dynamic has been SWFs and Asset Mangers getting stopped into this tape as buyers in everything AI over…
Said another way, systematic re-risking is largely maxed out and sizeable supply opens up if we break lower from here...
...creating attractive entry-points to short.
We do see the potential to move higher from here, but the next leg is more likely to be fueled by squeezes in the unloved pockets…
Just as everyone prepared for the great positioning unwind, Goldman, Deutsche and Morgan Stanley data dropped six charts that…
