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Selling into the close. Looks like closing back inside the first hour's range. I was wondering how the ETF balancing was going to work out today, assuming the reality is they rebalance when ever it gets too out of wack.
Quants all claiming the risk parity and long short fund crowds, as well as pension funds will all be deleveraging the next couple of days. The note from Nomura last night at ZeroHedge said that the corporate buyback desks went through 3x their normal volume yesterday defending price. Wonder how big a dent it will make in the pot transferring shares from the funds back to the companies, possibly leaving us light on rocket fuel for the next pre-earnings season buying action.