Submitted by Tyler Durden on 01/11/2011 13:19 -0500
We are hearing that the recent market downdraft and volume upswing occurred as a major block of just about $6 billion in E-Minis hit the bid. What is odd is that such a big order would go as a block and not be split. Either this was a fat finger or someone is making a statement. In the meantime the NYSE cume TICK hit -1,313, indicating just how much of everything trades as one, and the second there is any selling for whatever reason, the house of cards is once again in jeopardy.
In other news, we are pursuing perfectly groundless rumors that someone just leaked next month's ADP number.
Some more from a respected trader:
100K ESH1 sold over a 6-minute period ---> not a fat finger IMO.
Someone's picked a top and is bailing ahead of US earnings, the European auctions and Thursday's ECB meeting.