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Friday, March 29, 2024

Volume: Back To Abysmal

Courtesy of Tyler Durden

Volume today was a fraction of Friday’s, which is probably why the numerous breakout attempts (at least three) over 1,200 in ES failed. The distribution on Friday pushed out many of the momo hands at lower levels, so few were willing to jump right back in, even with the Primary Dealers gunning for new post 1,200 highs, and the algos frontrunning every large block order with reckless abandon. Since many of the algos are controlled by the PDs, champagne was served all around at 4:15pm. In the meantime, the US treasury is facing another imminent debt ceiling increase most likely at about the time of the mid-terms, as we have been predicting since December of 2009. Those massive repo-based capital gains don’t come cheap (to the taxpayers).

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