This Hasn't Happened Since The Depths Of The Last Crises; Goldman's Hedge Fund Honcho Spots Something

Tony Pasquariello, Goldman Sachs head of hedge fund coverage, circulated his latest note after Labor Day with the usual mix of measured house-view optimism and the kind of asides that make you wonder how long the “primary bull trend remains intact” line survives contact with September seasonals, midterms, a data-dependent Fed, and a debt/deficit trajectory he admits has only gotten worse.

The official scoreboard looks orderly: cap-weighted S&P +4% and equal-weight +7% from Memorial Day to Labor Day.