Equity Positioning and Key Levels

Goldman Sachs reports record-high projected buying from CTAs ($43.5bn in a flat tape) and a return to net buying of global equities by hedge funds after an 8-week hiatus. This comes despite a heavy corporate buyback blackout and significant short-selling in the US Software sector.

Key Takeaways

• 1.CTA demand for US equities is projected to be extremely high, with estimates of $43.5bn in buying over the next week in a flat market scenario.
• 2.Hedge funds net bought global equities for the first time in eight weeks, led by EM Asia and Europe, primarily through macro products and short covering.
• 3.Information Technology, specifically Software, saw the largest net selling in over five years, driven heavily by short sales.

Table of Contents

• Summary
• CTA Corner
• GS Prime Brokerage
• Buybacks Desk
• Charts in Focus
• Historical Repurchase Activity

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