"Just When You Thought Markets Couldn't Get More Extreme..."

We’ve been discussing the “rotation” and “volatility under the hood” since the beginning of the year, but, as top Goldman Sachs trader Brian Garrett noted in his 'weekend prep' note to clients, "just when we thought it couldn’t get more extreme, a week like this happens.."

The 1 week realized volatility of Goldman's flagship equity baskets closed Friday at 80 (highest since liberation day).