Two days ago, we reported that Goldman's biggest trading desk bear, Matt Fleury, was convinced that the dismal guidance by Microsoft would be sufficient to break the back - almost literally - of the latest stock market rally, and using an analogy from Rocky 4, he took what now was a very premature victory lap, to wit:
In Rocky IV, towards the end of the second round as Rocky was taking a seemingly unsustainable thrashing in the corner and threw out a right hook in desperation cutting a previously apparent unbeatable Ivan Drago.
That seems analogous to the MSFT guide down overnight. This was one for the broader market bears as they landed a rare but perhaps narrative shifting blow in the gutter war that has been 2023 markets.
Alas, for the prominent bear, it was not meant to be (and not for the first time) and as we wrote on Wednesday morning, the Goldman trader's note has again "bottom-ticked today's rout with stocks surging after it was sent out. And last we checked Drago didn't end up pulverizing Rocky after a brief reversal of fortunes."