---
title: "Is a turning point for the US stock market approaching? Goldman Sachs traders: Systematic deleveraging is nearing its end"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/232203408.md"
description: "Goldman Sachs trader Scott Rubner pointed out that currently CTAs have shorted $30 billion of U.S. stocks. Assuming the current short squeeze continues and the U.S. stock market experiences a +2 standard deviation increase in the next month, then CTAs may need to buy over $45 billion of the S&P 500"
datetime: "2025-03-18T08:03:21.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/232203408.md)
  - [en](https://longbridge.com/en/news/232203408.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/232203408.md)
---

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# Is a turning point for the US stock market approaching? Goldman Sachs traders: Systematic deleveraging is nearing its end

Recently, Goldman Sachs trader Scott Rubner pointed out in a report that the U.S. stock market may be at "the top of the 9th" stage of the market cycle, and that "systemic tail risk" is now upward, **meaning systemic factors may drive the U.S. stock market to experience significant upward movement.**

"The top of the 9th" comes from baseball terminology, usually referring to the last inning of a game. In financial market analysis, this metaphor is often used to describe a trend in the market that is nearing its end, approaching a critical turning point or moment, where risks and variables are increasing, and significant changes or reversals may occur.

Rubner stated that currently, CTAs have shorted $30 billion in U.S. stocks, whereas a few weeks ago they were long $50 billion.

Therefore, assuming the current short squeeze continues, and the U.S. stock market experiences a +2 standard deviation increase in the next month, according to Goldman Sachs' model, CTAs may need to purchase over $45 billion in S&P 500 index stocks, and globally, CTAs may need to buy over $92 billion in stocks.

Rubner wrote in the report:

> "This is the largest one-month forward demand we have seen since November 13, 2023."

### 相關股票

- [Goldman Sachs (GS.US)](https://longbridge.com/zh-HK/quote/GS.US.md)
- [S&P 500 (.SPX.US)](https://longbridge.com/zh-HK/quote/.SPX.US.md)

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