11 days ago • Posted by William Ramstein

Why investors are bearish. Reasons #1-3.

(1)A record monthly equity issuance ? $5bn of issuance in Europe occurred Friday. September is shaping up to be one of the busiest months in history    (2)Corporate buyback blackout window--Corporates are expected to be the largest buyer of stocks in 2H and corporates have significantly offset issuance. See FAAMNG massive outperformance Wednesday.   (3) September 16th is the highest point of the day-by-day peak for the month, before closings starts to fall.

@Goldman Sachs

#Macro
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