Hedge Funds Dump The Rally After Buying The Dip

zerohedge2021-07-23

One can't say that Goldman's clients have too much faith in Goldman's trade recos. As Goldman's flow trader John Flood was urging clients on Monday "not to buy this dip", they did just that and on ...

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精彩评论

Waachama
2021-07-25
Waachama
Sad boys
2020TS
2021-07-25
2020TS
Is Aug correction !!
traveladdict
2021-07-25
traveladdict
Comments.
erichosk
2021-07-25
erichosk
They are preparing for a crash.
Huachoo
2021-07-25
Huachoo
Good
- D8888:
  Good
Tailwind
2021-07-25
Tailwind
Nice

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Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17 and t","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"translate_title":"对冲基金在买入下跌后抛售反弹","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9},"content_text":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.\nSome more observations from Goldman Prime on the post-bottom action:\n\nSingle names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).\n8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.\nDespite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.\nBuying Stay at Home (GSXUSTAY) vs. Selling Go Outside (GSXUPAND) for a second straight day.\n\n\nConstituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.\nMembers of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.\n\n\nBuying Expensive Software (GSCBSF8X) again– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.\nRisk-off in FAAMG (GSTMTMEG) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).\n\nAnd visually:\n\nWhat does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD\nYesterday (July 20th)\n\nFundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.\nSystematic LS -0.2%\n\nJuly MTD\n\nFundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%\nSystematic LS +1.5%\n\n2021 YTD\n\nFundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%\nSystematic LS +12.2%\n\nFinally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":177242871,"gmtCreate":1627228789193,"gmtModify":1633767025093,"author":{"id":"4087970919517110","authorId":"4087970919517110","name":"Waachama","avatar":"https://static.tigerbbs.com/e05a681b4bd30794979bb177ab1a3fa5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087970919517110","authorIdStr":"4087970919517110"},"htmlText":"Sad boys","listText":"Sad boys","text":"Sad boys","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177242871","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":177259440,"gmtCreate":1627227046080,"gmtModify":1633767038322,"author":{"id":"3568580098685907","authorId":"3568580098685907","name":"2020TS","avatar":"https://static.tigerbbs.com/dc251ae3d7264077ed6557978fbfc6bb","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3568580098685907","authorIdStr":"3568580098685907"},"htmlText":"Is Aug correction !!","listText":"Is Aug correction !!","text":"Is Aug correction !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177259440","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":177836245,"gmtCreate":1627193759587,"gmtModify":1631891684472,"author":{"id":"3556277644755503","authorId":"3556277644755503","name":"traveladdict","avatar":"https://static.tigerbbs.com/56281342ac7214d2f9b3fbcd1729f3cb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3556277644755503","authorIdStr":"3556277644755503"},"htmlText":"Comments.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;","listText":"Comments.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;","text":"Comments.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177836245","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":177102292,"gmtCreate":1627184315316,"gmtModify":1633767354207,"author":{"id":"3575433293784452","authorId":"3575433293784452","name":"erichosk","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575433293784452","authorIdStr":"3575433293784452"},"htmlText":"They are preparing for a crash.","listText":"They are preparing for a crash.","text":"They are preparing for a crash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177102292","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":177909098,"gmtCreate":1627173447614,"gmtModify":1631891967856,"author":{"id":"3580352609056458","authorId":"3580352609056458","name":"Huachoo","avatar":"https://static.tigerbbs.com/abb724624176e5676426a76b7bb12d64","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3580352609056458","authorIdStr":"3580352609056458"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177909098","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5320153,"gmtCreate":1627174267241,"gmtModify":1631891967855,"authorId":4088737235319000,"author":{"id":4088737235319000,"idStr":"4088737235319000","authorId":4088737235319000,"name":"D8888","avatar":"https://static.tigerbbs.com/83b92800b8ae237406950ddc7c11c6eb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":177909098,"type":1,"supId":0,"prevId":0,"content":"Good ","text":"Good ","html":"Good "}],"langContent":"EN"},{"id":177040051,"gmtCreate":1627171841973,"gmtModify":1633767567139,"author":{"id":"3583705894030764","authorId":"3583705894030764","name":"Tailwind","avatar":"https://static.tigerbbs.com/e34622367968d3257c3ffe6b0d24ff87","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3583705894030764","authorIdStr":"3583705894030764"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177040051","repostId":1124707956,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":619,"commentSize":75,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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