Goldman Explains The Fizzle: "Folks Remembered Europe Isn’t Closed Tomorrow?"
Goldman's sales desk brings us the FTW "analysis" of why today's rally fizzled:
"What happened to the equity rally? SPX slips 65bps from the day’s high, NDX an even more substantial 1.15%. Post-ISM glow just fading? Prudent profit-taking as folks remember Europe isn’t closed tomorrow? Using the pop to sell in May (and now ready go away)? Balancing out tech weakness, the oil & gas and financial sectors both add more than 1%. Our cash flow skewed better to buy, both form hedge funds and long-only accounts, health-care and financials in particular. ETF desk was better for sale however. SPX adds 8 to close at 1406 (+.57%). The DOW adds 66 to close 13279 (+.50%). The NASDAQ adds 4 to close 3050 (+.13%)."
And that's why they get paid the big squidoos.