Global Equities Call

The report highlights a severe momentum unwind and extreme retail buying persistence while assessing tactical hedges in Consumer Staples. While AI positioning is stretched, fundamentals remain supportive ahead of key catalysts like NVIDIA earnings.

Key Takeaways

• 1.Momentum is undergoing its worst two-day selloff since 2022, with High Beta Momentum seeing back-to-back 5%+ declines.
• 2.Retail buying remains exceptionally resilient, showing no negative imbalance days in the Russell 3000 for seven weeks.
• 3.Consumer Staples (XLP) may serve as a compelling hedge to the AI/Tech trade due to its low correlation and absence of momentum exposure.

Table of Contents

• GS Global Equities Call
• Premkt Movers
• WHAT WE'RE WATCHING
• GSX: Record Two-Day Unwind in Momentum
• Retail Imbalance and Market Returns
• GS ETF Color: Flows Don't Always Require Volumes
• STANDOUTS FROM YESTERDAY
• GS Buybacks Update
• Chart of the day: Low Momo
• GS RATING AND CONVICTION LIST CHANGES

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