Goldman Sachs expects this bout of market volatility to pass as concerns about the economy are eased by solid data, giving "stock pickers" an opportunity to pick up shares of solid companies unfairly beaten up in the past week. "If economic fears continue to fade and the market becomes more micro-driven in coming months, then the recent sell-off represents an attractive opportunity to buy stocks with healthy fundamentals at valuation discounts," wrote Goldman chief U.S.
Goldman screened for stocks that have seen their earnings estimates ratchet up since the start of the third quarter, but posted weak relative returns during the last week. Notable names on the list include Micron and Amazon , as well as some under-the-radar names like Advanced Drainage Systems . Goldman noted that cyclical stocks underperformed defensive names last week, showing that "macro" is driving equity returns.