Goldman Sachs warns of a short-term pullback in U.S. stocks. Goldman senior executive John Flood cautions that institutional positioning in global equities is extremely crowded, and CTA trend-driven buying momentum may shift to selling, increasing the risk of a short-term pullback in U.S. stocks. Meanwhile, the size of triple short semiconductor and Nasdaq ETFs has surged, hedge funds continue to reduce U.S. stock holdings, and short positions are accelerating. However, short-term volatility does not change the long-term fundamental value of leading tech companies.