It's been a year where we have already seen huge bouts of volatility, volume and churn.
Whether it was the retail fueled beta-chase and risk-on flows of Jan/Feb into inauguration, the US exceptionalism vs European comeback dynamics, the Liberation Day 'crisis' and/or the various bouts of momentum and or crowding/consensus drawdowns we've seen... top Goldman Sachs macro trader Bobby Molavi notes, it's felt like longer than 5 months.
In the short-term, Goldman colleagues Lee Coppersmith and Ben Snider highlighted these interesting market breadth charts painting the picture that we’ve been in a low breadth tape.
