Goldman’s Rubner Sees Potential Correction If Jobs Data Is Weak
- End of September is historically worst two weeks for S&P 500
- Buybacks power to fade, hedge funds can further cut exposure
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The stock market could be heading for correction if payrolls data comes in weak on Friday, according to Scott Rubner, managing director for global markets and tactical specialist at Goldman Sachs Group Inc.
The bank’s clients are already positioning for a negative technical setup for share prices in the second half of September, Rubner wrote in a note on Wednesday, adding that he expects a risk-off move to begin on Sept. 16. “A market correction may start to get traction if payrolls are weak on Friday,” he wrote.