High-Hopes, Hot-Flows, & Heavy-Fundamentals; Goldman's Pasquariello Expects The "Chop" To Continue

The story of the week was simple:

1. the core macro data held up (namely services and claims), 

2. TMT earnings were solid again (e.g. APP, DIS),

3. and the first trade deal is on the board (an easier win, but a win nonetheless).

In turn, volatility continues to compress, and