'Simplify Risk, Own Some Vol': Goldman's Pasquariello Sees Local Investor Leverage Adding Fuel To Market Moves

After what he calls "another significant - if not epochal" week in the US stock market, Goldman Sachs head of hedge fund coverage, Tony Pasquariello, offers a set of short points stretching from the tactical to the strategic as traders brace for another 'fun' week ahead including Kevin Warsh's first Fed meeting as the boss.

After a blistering run from the lows of late March to the highs of early June - which, to underline the point, produced the single best volatility-adjusted short-cycle rally in 55 years - the past two weeks have been marked by a bit of consolidation.