Goldman Sachs reveals two bullish trades of 2026

Market Resilience and Trends - The market appears resilient amid ongoing volatility, with traders heavily hedged and positioned defensively [1] - The Nasdaq Composite index is down approximately 6% and the S&P 500 is down around 4%, but markets have adapted to absorb shocks from past events like COVID-19 and the Russia-Ukraine war [2] - There is a trend of traders rotating back to the U.S. market despite the ongoing turmoil, with Italy and Spain previously outperforming the U.S. as developed markets [3] Sector and Asset Trends - Traders are experiencing challenges in determining terminal values in asset-light sectors like software due to AI integration, while asset-heavy sectors such as semiconductors and defense are less susceptible to disruption [4] - The trend towards mining materials, including oil, gold, and silver, is evident on decentralized trading platforms like Hyperliquid, with significant trading volumes reported [5][6] - The WTI OIL-USDC contract has seen a 24-hour trading volume of $646.66 million, making oil the most-traded contract on Hyperliquid after Bitcoin and Ethereum [6]