PremiumWith futures surging, and less than 1% from a new all time high after Trump announced a (new) deal with Iran has been reached (although there will be no actual signing or Hormuz passage until Friday), we look at the current market positioning, where Goldman's derivatives guru writes that macro short covers have been setting the early tone for summer 2026. According to Goldman's Brian Garrett, crowded 1-delta hedges were unwound (per GS Prime, short covering exceeding long buying at 4.7x to 1 ratio, see below) into a market searching for both conviction (AAII Bullish sentiment at 1y lows)...