Goldman Derivatives Desk: "We Are At Panic Levels, And This Is Our Favorite Trade"

Excluding Thursday & Friday (April 3 & 4), today was the worst day for SPX since Sep 2022 and yet it felt very tame by day's end. Here's what happened: stocks opened at the highs, and drifted lower all session, with the S&P closing down 346bps to 5,268 with a of MOC $3bn to BUY. NDX -419bps @ 18,343, R2K -437bps @ 1,840 and Dow -250bps @ 39,593.

As Goldman trader Mike Washington writes in his daily post-mortem note, "