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by Tyler Durden Tuesday, May 11, 2021 - 11:31 AM Late on Monday, we made two important observations: i) hedge funds had never been more levered to market moves, with gross leverage at all time highs, as hedge funds strive to extract every last ounce of beta from the market (net leverage was also extremely high, but not record high, and is more a reflection of any given hedge fund's alpha preference)... ... and ii) hedge funds had scrambled to short tech shares explaining the recent decline in the Nasdaq, with Goldman Prime pointing out that Info Tech stocks were net sold for a third straight...

While superficially appetite for risk was present, with GS Prime writing that its book " was modestly net bought yesterday (+0.5 SDs vs. average daily flow of the past year), driven by risk-on flows with long buys outpacing short sales 1.6 to 1" with " 7 of 11 sectors were net bought on the day led in $ terms by Comm Svcs, Real Estates, Consumer Disc, and Utilities" a detailed look reveals that the smart money has decided to aggressively pursue continued declines in tech. Indeed, validating the recent horrific price action in tech, Goldman Prime notes that i) Tech stocks were net sold for a ...

by Tyler Durden Wednesday, Apr 21, 2021 - 09:53 AM Less than a week ago we reported that after Morgan Stanley and BofA, Deustche Bank joined the growing bandwagon of sellside researchers warning that the market is facing a period of severe turbulence, investors appear to be heeding the caution in what BofA calls a significant shift to the "increasingly euphoric sentiment." Yesterday we reported that according to the latest institutional and HNW client data published by Bank of America, the bank's flow desk just had seen the biggest outflows in five months as clients were net sellers of a who...

by Tyler Durden Wednesday, Mar 10, 2021 - 07:20 PM On Sunday, when looking at the latest prime brokerage data from Goldman we noted that around mid-week the PB desk saw the "largest global short sales since May" with the GS Prime book net sold driven by short sales outpacing long buys 1.7 to 1." ... and predicted that a "Mega Squeeze" was Coming as " "What does all of this mean for markets". we asked rhetorically and answered that in a week where stocks first spiked then tumbled only to reverse, and where substantial damage was done on HF P&L, immediately after a furious burst of shorting, w...