Good Enough For a Short-Term Bounce?

Huge de-grossing

In our "Are We There Yet" note earlier this week we highlighted a need for a proper de-grossing even in order to believe in a shorter-term tradeable bounce. Looks like it happened yesterday. 

GS trading desk: "In % terms, US equities saw the largest 1-day de-grossing since Sep '25 (-2.6 Z score one-year), driven by long sales outpacing short covers (2.5 to 1). Macro Products (Index + ETF) / Single Stocks made up 60% / 40% of the total $ risk unwinds."