Markets Are Hovering Just Above Key CTA Trigger Levels; Top Goldman Traders "Likes Owning Gamma Here"

China export data disappointed overnight, with Asia semis, Korea, Japan, and SoftBank all reversing alongside the US pullback yesterday.

However, Goldman's Delta-One desk-head, Rich Privorotsky, sees some resilience though ...TSMC (2330) -0.3%, barely moving intraday, would say thats an encouraging sign for global risk.

Yesterday’s US session was clearly risk-off, with AI, tech, and unprofitable tech names under pressure.