A note from Goldman Sachs on US stocks, comments ion brief:
- August equity-market flows are typically the slowest of the year
- markets have historically pulled back from mid-July highs
- on guard for a "late summer equity market correction" if earnings disappoint and investors begin to focus on the autumn election results
- pain trade has shifted from the upside to the downside
- buyers are full and running out of ammo after the best trading days of the year are now behind us
