As headline-makers from every mainstream media outlet attempt to fit today's spectacle to their cognitive biases, we note the massive surge in volume at the close in ES (the e-mini S&P futures contract). Financials closed at the highs of the day and stocks managed to retrace almost all of yesterday's drop (with seemingly everyone waiting for the ETF-moment at the end to transact?). We noted the disconnect earlier (and potential QE chatter) and while the break between TSYs and the synced
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