Seasonality Gets Ugly From Here; Top Goldman Trader Fears Liquidity Headwinds Amid Late-Summer Chop

Coming back to the market with a fresh pair of eyes, top Goldman Sachs trader, Rich Privorotsky says it feels like late summer chop. 

The legs of the AI trade have been challenged, yet supportive dynamics from vol compression and a dovish Fed continue to underpin broader indices (although realized vol has picked up in recent days).