"The Market Showed Its Hand Yesterday" Goldman's Hedge Fund Honcho Says Flows Are Supportive, But Nuanced

The easy money from the ceasefire was made yesterday. Today is about digestion.

As Goldman Sachs head of hedge fund coverage, Tony Pasquariello, explains in a note this morning, immediately following the declaration of ceasefire on Tuesday night, the market saw a serious dose of short-covering through index products.  These were market hedges, set by the trading community, that were quickly cut.