Premium"Underweight Is Overcrowded": Goldman's Garrett Says 'FOBU' Means The Next Premium Dollar Chases Calls, Not Puts
For most of the past month, the consensus trade on Wall Street could be summarized in three words: not bullish America. On Tuesday, the S&P made a new all-time high anyway.
It didn't last. The breakout faded by the end of the week and index implied vols closed near the lowest levels in five years. But according to Goldman's top derivatives trader Brian Garrett, whose latest Weekend Prep note (available to pro subs) landed Sunday, the 90 minutes after the open on Tuesday told you everything you need to know about how this market is set up into year-end: