Goldman Trader: "After 6 Days In A Row Higher, We Were Due For A Pullback"

As Goldman trader John Flood writes this morning, since 1970, the S&P 500 being up 6 days in a row with returns of over 7% has only happened 12 times.... and after yesterday’s close we locked in # 13.  Not surprisingly, Flood writes that "we were due for a pullback" and sure enough...

That said, it's quiet: Goldman's trading desk is relatively quiet with overall market volumes running -7% vs 20dma... liquidity remains challenged with S&P top of book depth back below $3mm (vs historical avg of $13mm).