Weekend Prep

The market has transitioned from defensive covering to aggressive risk-taking, led by single-stock demand and record call option volumes. Goldman Sachs' prime book activity and historical parallels suggest the current momentum rally may have significant remaining upside.

Key Takeaways

• 1.Market sentiment is shifting from defensive macro ETF covering to aggressive micro single stock long demand.
• 2.Goldman Sachs' prime book saw buying for the first time since the ceasefire, with net exposure increasing by 2 points.
• 3.Current market momentum mimics early-year recoveries seen in 2023 and 2025, suggesting potential for further rallies through August.

Table of Contents

• pb (i) ... risk on
• pb (ii) ... risk on
• one delta ... risk on
• futures ... risk on
• derivs (i) ... risk on
• derivs (ii)
• derivs (iii)
• derivs (iv)
• etfs
• baskets
• Chapter 4

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial