Premium"Witching Hour": Goldman's Flow Desk Sees Technical Tide Turning As Buybacks, Retail And Foreigners All Line Up For Year-End
For the better part of a month, every positioning gauge we track has said the same thing: nobody wants to own this market.
Last week, hedge fund conviction sank to levels last seen around "Liberation Day" even as the S&P hovered within a point of its record (we laid this out in "Conviction Collapse: Hedge Fund Leverage Hits "Liberation Day" Lows As Everything But The VIX Screams Fear"), and by Friday's Goldman rundown funds were dumping tech at the fastest pace in seven weeks, with VIX calls priced richer than SPX puts. Fear everywhere, in other words, except at the index level.