"Buyers Are Out Of Ammo": Goldman's Flows Guru Warns Quants Have Up To $276 Billion To Sell
Goldman's closely followed flows guru, Scott Rubner, broke one of his golden rules and sent an email this afternoon ("I do not send emails in the afternoon... this goes against every email rule that I follow.") His message was simple - a doubling down on what he said last Friday when after a brief spell as a bull, he made a U-turn: "I am tactically bearish"
And as to why he broke his email rule - "things have changed and flow-of-funds changed today... this is new".
What is he referring to? Simple: the same technical force that provided a backstop to stocks for much of the past month when fundamentals threatened to drag risk sharply lower and which helped push the market right back to where it was... is no more.