'Stay Hedged': Goldman Flows Guru Sees 'Macro Noise' Battling 'Technical Strength'

After several weeks of de-risking activity – led by a buildup of shorting in futures/ETFs; Goldman Sachs flows guru Lee Coppersmith felt like this past week saw the clearest pivot back towards a risk-on mode.

Post the initial ceasefire headlines, our desk saw strong demand to cover shorts and unwind hedges, but also saw some offense being played. Our PB data revealed the same shift: global equities were net bought for the first time in 8 weeks, while our GS Equity Fundamental L/S Performance Estimate rose +4.01% … The best weekly performance since Feb ’21.