Goldman’s US stock fear gauge hits extreme 9.57, signaling rebound may be near

The record two-day swing in Goldman's fear gauge matters less as a timing signal than as evidence of how violently positioning is being repriced in both directions. A gauge that posts its third-largest daily gain and fourth-largest drop within 48 hours suggests liquidity is thin and conviction is scarce, which tends to amplify moves for all US equity holders rather than just the traders driving the gauge. Whether the extreme reading actually precedes a medium-term rebound, as the historical pattern implies, is the open question — and the whipsaw itself argues against treating any single threshold as decisive.