Shorting The Rip: Hedge Funds Sell Into Best Chip Rally Since April As Goldman's Tech Long/Short Ratio Hits Record Low

Last week hedge funds capitulated. This week they got the bounce they had been praying for... and sold that too.

Seven days after Goldman's traders dissected the biggest hedge fund degross since Covid, the S&P 500 gained 2.5%, semis ripped more than 8% in their best week since April, and the AI trade somehow survived the loss of its most famous CEO, a third straight hot CPI and a Fed governor floating a 50bp hike (all of which we recapped earlier in "Everything Bad, Everywhere, All At Once... Except Stocks"). A week like that is supposed to drag the pros back in.

Sell The Rip