Goldman’s Rubner Says ‘Not Buying the Dip’ as Correction Begins
- Strategist says July 17 tends to mark peak in S&P 500 returns
- Donald Trump odds are getting priced into S&P, Rubner adds
Weak seasonality, stretched positioning and with all the good news already priced, the index is on the precipice of a summer correction.
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The S&P 500 Index has nowhere to go from here but down according to Goldman Sachs Group Inc. tactical strategist Scott Rubner who cautions “I am not buying the dip.”
That’s because this Wednesday, July 17, has historically marked a turning point for returns on the equities benchmark, the Goldman global markets division managing director said, citing data going back to 1928. And what follows, he says, is August — typically the worst month for outflows from passive equity and mutual funds.