Back on April 7, just after stocks bottomed and when the S&P hit a cycle low of 4853, with risk plunging and uncertainty soaring, Goldman's head of risk, Josh Schiffrin, stuck his neck out and called a market bottom.
As we informed premium subscribers about 15 minutes after Schiffrin blasted a note to his top clients, the Goldman top trader said "I’ve been negative, but now I’m bullish. Time to start scaling in." He then elaborated as follows:
"It feels terrible at the moment, but I expect this to be a temporary period and prices to be higher in 6-12 months. I think the tails are big in both directions. On one hand there is the chance for a global trade war/recession. On the other, a series of negotiations can lead to lower barriers and a strong surging rebound aided by lower taxes."
