Ahead Of The Korea Open: Goldman Warns More Selling On Deck, As Everyone Dumps On Retail

The Korean-focused ETF, EWY, closed at a 73bp discount to NAV a day after a major rout sent Korean stocks 9.99% lower. The selloff dragged US stocks closed lower with NDX seeing its 3rd largest daily pullback in the last year as Semis (SOX) dropped nearly ~8%.

According to Goldman's US desk notes, manager and HF flows were notably for sale and concentrated in tech and macro products but flows felt "orderly" with no sense of over-reaction/panic.