Since then, the SPX has hit new all time highs 3 out of the past 5 trading days, and on 9 out of the last 11 even as sentiment substantially declined this week in global equities. For context, on Thursday we observed that the TICK Index logged one of the largest (top 4) selling pressure on the open on record.
For those asking what was behind Thursday's wobble, we mentioned previously listed the reason for the selloff, none of which were new. The general feeling was that equities needed to catch down to other asset classes.
But, as Goldman flow trader Scott Rubner correctly predicted on Friday, when he said that "I think local shorts will need to cover this am" only to see a new all time high in the Dow, S&P and Nasdaq, the selling is pretty much over "as long dealer gamma muted a larger potential drawdown." Another reason why Goldman expects stocks to keep rising: JPM kicks off the defacto new buyback window on Tuesday.