"The Revenge Of Everything Else": After Friday's Record Put-Buying, Goldman's Top Traders Say It's Now Up To Earnings

The Nasdaq just had its worst week since Liberation Day, and two of Goldman's sharpest desk voices spent their Sunday trying to figure out whether that was the flush or merely the first act.

The facts first. The Nasdaq 100 closed Friday on its lows, down roughly 5.5% on the week, its largest weekly drop since Liberation Day, back below its 50- and 100-day moving averages and through its trend-line support. Semis did most of the damage, falling about 11.5%. Here is Goldman's TMT specialist Peter Callahan, in his Sunday "GS US TMT .. drawdown .." note (available to pro subs):

Streaks Of The Wrong Kind