"This Time Feels Different": Goldman Breaks Down The Latest Market Flows And Positioning

For a market that trades within a few basis points from record highs, and which closes unchanged daily despite rollercoaster moves among sectors below the surface, "the disparity between asset prices (at the highs) and money manager sentiment (at the lows)" is as wide as Goldman's derivatives guru Brian Garrett can remember. As he writes in his latest market observations note,