Goldman: "There Is Zero S&P Call Demand On The Trading Floor"

There was some concerning data in the latest note (which we discussed here) from Goldman derivatives guru Brian Garrett.

The first notable observation, was that the long only community is turning increasingly bearish, having finished the week 4bn better for sale (and $10bn better for sale month to date). According to the Goldman trader, this was one of the largest monthly sell skews for asset manager / long only community in 4 years, and other similar large sell months occurred during Aug 2022 (-18bn), Mar 2024 (-14bn), and Mar 2025 (-22bn). The silver lining is that all of these months marked local drawdown peaks.