"I'm Not Chasing Upside Here": Goldman Delta-One Desk-Head Suggests 'Caution' At 'Narrow Breakout'

"Pretty incredible in hindsight" is how Goldman Sachs Delta-One desk-head, Rich Privorotsky, described the miraculous meltup to new highs in SPX despite continuing global concerns.

New Highs

Hardware led, earnings led, industrials and cyclicals driving, with markets focused on low net positioning, CTA demand, and systematic re-risking into a right tail, soft landing backdrop.