Premium$3 Trillion In Two Days: Goldman's Molavi Says Crowded Funds Played "Stop Bingo" Until Everything Broke
Three markets in three sessions.
That is how Goldman's Bobby Molavi sums up last week in his latest "Ruminations" note (available to pro subs). First came the relief rally after the Democratic sweep (gridlock is good, right?), then the Thursday air pocket, then "calm after the storm and some bottom dipping on Friday." The S&P ended the week down 2.68% at 7,377, the Nasdaq lost 3.37%, the Russell 2000 2.05% and the Dow 0.94%, which understates just how violent the path was: