Goldman Sachs head of hedge fund coverage, Tony Pasquariello, spent the week "directly engaged with trigger pullers" discussing this bruising period for the market, with S&P suffering its worst short-cycle run since April. 

Alongside this, Pasquariello points out that price action in currencies and commodities has been notably tricky - which speaks to a broad de-risking of consensus positions as we head into the teeth of the summer.