"Squeeze Risk Is Real": Goldman Warns Macro Shorts At 10 Year High Just As Call Skew Explodes

The S&P 500 gained +0.9% and rose for an 8th consecutive week, as investors navigated a strong earnings report from NVDA (which they promptly sold as has been the case with virtually every blowout earnings report by NVDA in the past 3 years), mixed reads on the consumer, and a weak batch of economic reports (especially in China) and sentiment surveys (according to UMich, consumer sentiment collapsed to a new all time low). Quantum Computing, Space & Satellites, and Memory Input Cost were among the themes that outperformed this week, while Grid Revamp, China ADRs, and Oil were among the themes that underperformed (it remains unclear why there will be continued record demand for DRAM sticks if there isn't enough electricity to power all those hundreds of data centers that are supposedly being built and desperately seeking memory and other chips... but we digress).

Below we look at some of last week's most notable market insights courtesy of the Goldman trading desk, as published in their must-read Weekly Rundown note (available here for pro subs). As usual we start with the bank's prime brokerage for insight on what Hedge Funds did last week: