Late in the summer, Goldman launched the US Equities Weekly Rundown: a weekly must-read compilation that aims to consolidate the latest positioning and flows intelligence, market themes, and actionable ideas from thought leaders and risk takers across the GS franchise, and includes observations from such trading desks as Share Sales Trading, Futures S&T, Derivatives, ETF trading, Prime Brokerage and various sector specialists. We find it an indispensable piece for every serious trader as it reveals what Goldman's own traders think and do (not its useless research desk which merely feeds the bank's own traders with institutional flow), and below we excerpt from the latest full report for the benefit of our premium and professional readers (full analysis available to our pro subscribers in the usual place).
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SPX gained +1.4% (now up in 14 of the past 15 weeks, matching the record) and closed above the 5,000 level for the first time ever, as investors digest results from what appears to be a solid earnings season and further signs of improvement in business sentiment against the prospects of a higher for longer rate environment. Bitcoin Sensitive, High Retail Sentiment, and Growth Software were among the biggest gainers this week, while Bond Proxies, Commodity Sensitive stocks, and Regional Banks underperformed.