Hedge Funds Suffer DeepSeek-Sized Rout As Goldman Flags A $65 Billion CTA Trapdoor Under An S&P That "Barely Moved"

If you only looked at the S&P last week, you'd think nothing happened.

The index fell less than 50bps on the week and sits just 2.5% below its all-time high. And yet, as Goldman derivatives guru Lee Coppersmith writes in his latest must read note "Pulse Check" note (available to pro subs), that is precisely the problem:

Only DeepSeek Monday And COVID Come Close