PremiumTwo weeks ago, we were among the first to point out something remarkable: at a time when retail leverage (upon even more leverage, thanks to options) was already at nosebleed levels, as demonstrated by the following chart of levered/inverse ETF AUM hovering at around $200 billion, and representing roughly $400 billion in net exposure (the product of ETF AUM and leverage ratio)...
Something "Unprecedented" Is Taking Place Below The Market's Calm Surface
Goldman's trading desk is batting down the hatches for what comes next...








