Who Wins When The Robots Sell And The CFOs Buy?

Friday's bounce looked like a bottom on the screens. On Goldman's flow sheets, it looked like two sets of machines leaning on each other.

On one side: trend followers, levered ETFs and macro hedges, all selling (or hedging) without needing a single new piece of bad news. On the other: corporate buyback desks, which are about to have 90% of the S&P back in the open window. And in the middle, a discretionary crowd that, after the worst week for the AI trade since it was born, has no interest in picking a side.