"Sit Tight With Your Portfolio" - Goldman's Top Trader Sees "Illiquid August, Exceedingly Busy Fall" Ahead

Broadly speaking, Goldman Sachs head of hedge fund coverage, Tony Pasquariello, notes that the story of the past ten days is what has NOT happened: there was no ricochet from the recent volatility shock and nothing of significance went bump in the night. 

The top trader says that the cards that turned over this week - both macro and micro - had a very clear skew to the positive side... although we would suggest that is a little more of a biased/blinkered view of the data (yes, retail sales and claims were solid, but they were 'revised' and away from those two data points it was shitshow)...