Why Is Everyone Hiding When PMIs Are Strong? Goldman Maps The Quiet Defensive Rotation Across Every Asset Class

The economy says risk-on. Positioning says get me out...

That is the gist of the latest GOAL Positioning note from Goldman's cross-asset strategy team led by Christian Mueller-Glissmann and Peter Oppenheimer, "Cross-asset positioning turning more defensive" (available to pro subs), published this morning:

The Gauge Breaks Away From The Data