"It's All About Positioning": The One Thing Goldman's Trading Desk Is Looking At Today

Today's selloff could not have come at a worse time for institutional investors.

But first some background: echoing what JPMorgan said yesterday, this morning Goldman's Delta-One head, Rich Privorotsky, writes that despite a sudden surge in geopolitical fears, Greenland feels too politically unpopular domestically to end in anything other than a compromise (although it might get worse before it gets better). That's why according to Privo, he is less worried about geopolitics (still one eye on Iran) and more focused on positioning, which is running hot, with gross exposure at 5 year highs and net near 3 year highs.