"The Setup Remains Fragile" - Top Goldman Trader Says "Hedges Make Sense Here"

If you zoomed out after last week, the takeaway looked familiar, according to top Goldman Sachs trader, Lee Coppersmith.

US equity price action continued the same rotations that have defined 2026 – cyclicals over secular growth, value over duration, cashflows over narratives.

Housing, infrastructure, onshoring and other domestically levered themes kept working. Software, long-duration growth and crypto did not…