Goldilocks Or Bond Rout? Goldman's 10 Charts For A Market With A 20% De-Rating Behind It

After this week's bloodbath, with Alphabet suffering its worst day ever, Amazon cratering as cash burn exploded, IG spreads blowing back out to recent wide, and hyperscaler credit "back in scary mode," the timing of Goldman's latest cross-asset pitch is rather interesting.

Goldman's head of asset allocation Christian Mueller-Glissmann published his "10 charts we are watching," the condensed version of a 73-page deck titled "GOAL: Giving credit to balance" (available to pro subs). The headline call fits on one slide: Goldman is "more focused on balance but remain[s] constructive on equities". That means overweight stocks on both a 3-month and 12-month horizon, underweight credit on both, overweight cash for the next three months, and a shift to overweight 10-year government bonds over 12 months.