Premium$64 Billion Of Quiet Selling: Goldman Shows Asset Managers Dumping S&P Futs Into Soft-Data Rally
The S&P is bouncing off soft data. Non-dealer futures flows are not. Goldman's Robert Quinn (GBM FICC & Equities MD) walks through the Commitment of Traders through September 29 and finds the same story ZH has been hammering for weeks: the index can sit near highs while the futures tape quietly bleeds tens of billions. His punchline is not "payrolls fixed it." It is what stops the selling — and the answer is yields reversing, not a one-day soft-PCE/payrolls shrug.
