Is The Worst Of The Tech Unwind Over? Goldman's Privorotsky Runs The Checklist As Inflation Swaps Crater

Twenty-four hours ago the best a top Goldman trader could hope for was "range bound trading."

On Tuesday morning, he sounds almost cheerful. One session after picking his AI bear case as hedge fund nets hit 5-year lows, Goldman's head of EMEA Delta One trading Rich Privorotsky opens his latest note ("Permitting Bill. High Beta & Momentum. Inflation Expectations Roll Over", available to pro subs) by tallying up what changed on Monday:

"Shell Shocked": When Momentum And High Beta Unwind Together