"An Odd Feeling Here": Goldman Delta-One Head Getting Nervous, Says "Real Risk Is If AI Story Cracks"

Confirming yesterday's observation by Goldman trader Bobby Molavi that "everything is wierd", today markets are all over the place, with early weakness replaced by modest strength even as the precious metals/rare earth space gets clobbered, and Goldman Delta-One head Rich Privorotsky writes this morning in his daily note (available to pro subs) that markets were propelled higher by a reflexive bounce from last week’s negative sentiment and flows, which when combined with a breakout in Japan that propelled the Nikkei just shy of 50,000, and we’re back near the highs across many markets. That said, NKY futures then have up a bit of the gains overnight nearly -1%, SHCOMP +1%, HSI  +1%. Taiwan/TSMC trading flattish as is Kospi, in what Privo blames on tech stalling (more on that below).

Here is what stood out to to the Goldman trader: