连续八天抛售后，高盛交易台提示：卖盘基本出清，软件股正在筑底

Core Insights - Goldman Sachs' trading desk has observed signs of a market bottom following a significant sell-off in software stocks, with institutional investors beginning to attempt bottom-fishing, indicating that the current historical adjustment may be nearing its end [1][4] Group 1: Market Activity - Software stocks have experienced a 15% drop over the past week, totaling a 29% decline from last September's peak [1] - The IGV software ETF has seen record trading volumes, with over 85 million shares traded since Tuesday, marking a significant increase in market activity [1][2] - The trading desk noted that the IGV's circulating shares have reached a near five-year low, suggesting that selling pressure has largely cleared [1][2] Group 2: Institutional Behavior - Institutional buyers began entering the IGV ETF on Wednesday and Thursday, with a 12% increase in circulating shares on Wednesday, the largest single-day increase in 2023 [4] - Morgan Stanley reported that retail investors net bought $1.7 billion, with $1.3 billion in ETFs and $435 million in individual stocks, indicating a return of bottom-fishing capital [6] Group 3: Market Sentiment - The Goldman Sachs derivatives trading desk noted a shift in market sentiment, with clients selling put options to realize profits, suggesting that the current sell-off may be coming to an end [3] - Despite the observed technical signals of a market bottom, Goldman Sachs' strategy department remains cautious about the long-term outlook for the software industry, drawing parallels to the newspaper industry during the early 2000s and the tobacco industry in the late 1990s [7]