Third Worst Day For Hedge Funds In 2023 Amid Brutal Discretionary Squeeze, While Traders Obsesses Over Nasdaq Special Rebalance: Goldman Trading Desk

In a day when the S&P rose and non-profitable (small cap) tech companies soared yet megacap tech companies sank (partially answering the question we posed last week)...

... Goldman trader Mike Washington writes that there was a lot of client focus on the Nasdaq 100 special rebalance which was announced late last week on the back the "magnificent seven" dominance, and which plans to address overconcentration in the index by redistributing the weights (no adds/deletes) on Friday (7/21) after the close, effective prior to open Monday, July 24th.