Commodity trading advisers (CTAs), known for their momentum-driven strategies in the futures market, made substantial moves in the U.S. equities space.
Over the last 10 days, CTAs purchased nearly $70 billion in U.S. equities, marking the largest 10-day buying spree on record, according to Goldman Sachs data dating back to 2016.
In addition to CTA activity, Goldman Sachs reports an "even larger pickup" in net buying from long-only investors from the start of November, representing a noteworthy 40% increase compared to the same period last year.
This surge in buying activities by both CTAs and long-only investors suggests a significant market shift.
The S&P 500 is up 7.5% in November.