PremiumGoldman Trader Says Something Very Strange Is Going On With The Market
Yesterday was a peculiar day in the market: even though both the S&P and Nasdaq closed at new ATHs, nearly 60% of S&P constituents closed lower on the day (and more than half of the Nasdaq names were lower) amidst what Goldman's trading desk says like the busiest day of the year re: single stock inbounds and client conversations.
Below we excerpt from the latest note by Goldman top tech trader Peter Callahan who is perplexed by some very strange development taking place below the market's otherwise smooth surface: as Callahan notes, while headline Momentum Factors were relatively down the fairway on Wednesday, under the hood, Non Profitable Tech > Big Tech by ~330 bps (one of biggest YTD spreads)...