Most of the selling is probably done now and Goldman claims 'we are closer to the end of this sell pressure than not.'
Bearish views on the stock market culminated in the sale of an estimated record of $40 billion of S & P 500 stock index futures over the past five sessions, but that selling pressure is about to ease, according to a note from the Goldman Sachs trading desk. Hedge funds that use a managed futures strategy recently unwound positions in S & P 500 futures at the greatest speed and magnitude "on record," Goldman said.
" "Negative market sentiment is everywhere … having a bearish outlook is gaining traction ," has doubled since July and bears now outnumber bulls by roughly 1.5 to 1, the note read. Goldman said lower risk, lowest cost trades are available in one-month call options on the SPDR Dow Jones Industrial Average ETF Trust , Health Care Select Sector SPDR Fund , Consumer Staples Select Sector SPDR Fund and SPDR S & P 500 ETF Trust .
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