CTA Sellers In Every Scenario Offset By Return Of Buybacks: Market Positioning And Technicals Update

According to Goldman's trading desk, there is one word to describe the ongoing market action on a day when the S&P is up and just shy of all time highs despite 330 S&P names being lower (and just days after a Hindenburg Omen was observed): that word is Fatigue. 

Here is how Goldman frames it: A Fed cut that turned out more hawkish than expected, continued data vacuum from the government shutdown, (the plethora of) earnings beats that are not being rewarded, and a rally that ran on narrowing breadth were the ingredients of the mid-week reversal in US equities.