One month after Goldman's proprietary crash indicator rose to 67%, the highest level since the financial crisis and dot com bubble, and suggesting a crash may be imminent, stocks continue to hit new all time highs, stumping anyone who still believes there is such a thing as an efficient market.
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So has Goldman thrown in the towel on its bearish posture (recall Goldman's 2017 year-end price target for the S&P is still just 2,400 rising to only 2,600 by the end of 2019, less than 50 points away from where it is now)? Well no, because in a note from Goldman's options strategists, John Marshall and Katherine Fogerty, the two caution that "investor positioning is unusually bullish" ahead of earnings season.
Specifically, they look at index and single stock options pricing, which shows that "investors have positioned for near-term asymmetric upside." As a reminder, we highlighted this earlier this week, when we showed that according to Morgan Stanley data, there has been a near record scramble to buy S&P calls, to wit: "Investors in the SPX options market have bought more...
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