Goldman Trader: "Signs That Last Week Was A Top, And This Week Is The Roll Over"

By Bobby Molavi, Goldman Sachs Macro trader

Institutional clients long gross risk and long hedge, which masks the micro length by reflecting less net exposure than you might expect for a world seeing all time highs everywhere. Retail is long everything. CTA are back to long but not overly. Hedge funds grossed up last week. To quote one colleague "investors are uncomfortably long…and at the same time wishing they had been longer."