'Headline Roulette' Leaves Trading Environment Highly Fluid

As the big dynamics in the game have changed, so has risk/reward, warns Goldman Sachs head of hedge fund coverage, Tony Pasquariello, in his latest note to clients after a "wild week in the saddle."

i. the trading environment remains highly fluid, with no abatement of headline roulette, and a “period of transition” leaves stock operators wondering which end is up.