Goldman Sounds The Siren: “Nothing But Risk Off: We Have Seen Zero Attempts To Buy The Dip”

Tuesday, July 7, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
07/07/2015

Just out from the sales and trading office at the central-banker incubator at 200 West:

“Bottom line: our early flow has been entirely one way: risk-off. Starting to get more much quiet now but have seen zero attempts to buy the dip or fade this move”

Flow has been nothing but risk off to start – buyer of S&P downside, VIX upside, large selling in financials (mostly long sales) and better for sale in futures. All the options flow is very short-dated.
If anything, the Street’s gamma positioning should exacerbate the risk-off. We think dealers are short S&P strikes below 2050 and short VIX strikes above 20.
SPX broke the 200-day DMA…currently 7 handles below it.
* * *

So… buy now?

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