Time To "Ratchet Down Exposures" - These Are The Questions That Bounced Around The Head Of Goldman's Top Trader This Week

Across many fronts - micro, macro, geopolitical - Goldman Sachs head of hedge fund coverage Tony Pasquariello notes that market participants chopped an enormous pile of wood this week.

At the end of that line, he says, the story was one of serious pressure on global equity markets (most notably in cyclical exposures) and remarkable day-to-day volatility (best illustrated by the leap in VVIX, which hasn’t been this high in over two years).