Goldman Trader: "SPX Is Not Telling The Whole Story"
Goldman Sachs trader Brian Garrett warned that this mornings' trading is yet another example of how "SPX is not telling the whole story".
Simply put, he states, single-stocks are priced for an up-crash, the index is not.
As the Goldman MD details, it is no secret that single stock implied volatility trades higher than index volatility (decades of vol dispersion PMs agree)