Goldman Sachs: If the month of April were to end on 4/15, US equities on the GS Prime book would have seen the largest monthly $ net selling since Aug ’16 (-1.6 SDs vs. the past five years). All 11 US sectors have been net sold MTD, led by Cyclical sectors

Hatzius: “On a year-on-year basis, our forecast for US growth shows -11% in Q2, -8% in Q3, and -5% in Q4, which clearly qualifies as U-shaped. On a quarter-on-quarter annualized basis, however, this same forecast shows -34% in Q2, +19% in Q3, and +12% in Q4, which looks rather V-shaped. Thus, our forecast is one in which the economy recovers only…[Read more]

Marko Kolanovic: Investor positioning remains light. Hedge funds are positioned defensively with an equity beta in the ~10th %tile, and systematic investors’ exposure is near the bottom of its historical range. CTAs would be covering shorts / buying long if the S&P 500 reaches ~2900. Volatility-targeting funds will start adding equities as v…[Read more]