Goldman's Pasquariello Sees 'Tricky Footing' Ahead But Higher Stocks, Yields, & Commodity Prices By Year-End

While admitting that he "hasn't had a particularly strong directional bias of late", Goldman Sachs head of hedge fund coverage, Tony Pasquariello, starts his most recent note (pro subs can read the full report here), by noting that, while thinking the path from here would be "a tricky September / October, followed by a strong November / December", he ended up with a bit more conviction that the balance of risk favors the bulls...