Goldman Trader: “This Is Another Bear Market Rally That Should Be Sold”

Today’s dramatic reversal, which sparked an entire cottage industry trying to explain what’s behind it, was a sight to behold (and forget if anyone shorted the bottom): the 5.55% intraday move in spoos as the market traded as low as 3502 (a YTD intraday low) early on only to rip after 11:30am (European close) into closing bell briefly rising as high as 3698, was the largest intraday move since March 25 2020, a period in which we saw intraday moves as big as 8.79% (however, back then the VIX was at 80). This is likely just the first of many such violent daily gyrations.

Here are some more remarkable market stats courtesy of Goldman trader Michael Nocerino: