Scott Rubner, Managing Director and Tactical Expert at Goldman Sachs Global Markets, stated that the US stock market experienced significant Ask at the end of December, while a reduction in liquidity aggravated the effects of Fund managers rebalancing positions at year-end. However, several factors now indicate that Institutions and retail investors will begin to Buy again. Last week, hedge funds sold macro US products such as Indexes and ETFs, with the scale reaching the largest in the past year. In December, short positions in US-listed ETFs increased by 17.5% month-on-month, indicating a Put stance by Funds on US stocks at year-end.