Setting up for a bounce
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A few points via GS sales desk: 1. Market positioning has stabilized and appears more balanced post the August shakeout. 2. The past week witnessed the highest weekly short selling for the year according to GS PB. Discretionary investors significantly reduced their equity positions. Systematic investors haven't fully adjusted yet... 3. CTA net equity length is now consistent with a 12-month median..."selling $170bn on down tape vs buying $140bn on up tape". 4. Sentiment cleaner: AAII bull bear indicator fell into negative territory for the first time since June and short term equity sentiment dropped to the lowest level since December 21.