Same point on Dow as NASDAQ except the equity traders have nowhere else to go.
not all of them. Most are deer in headlights. Big boys do for sure.
why not it's friday. Always happy hour somewhere in the world.
start..haven't sleep for 2 days
was heading to bed last night and the activity at Gatwick fired up and then talking about an earlier chinese airbus into Ontario, wondering what happened to it and then it suddenly took off.
Had a conga-line of planes into SFO last night too.
One went to the north-end and just sat. Don't know what happened to it though.
I am..get some zzz's here and there.
ty for that too
Don't want to miss a MINUTE of this.
Only happens once
Looks like they decided to change tactics. Instead of 5lbs of shit in 10lb bag it's now a slow grind up into the close. Then the spray cans come out.
"This Is A Bid-Wanted Situation": Credit Hit By Liquidation Panic Amid Unprecedented Firesales
With the panic selling in equities increasingly spreading to credit, yesterday saw at least one investor dump their holdings in not one but both of the biggest junk bond ETFs with little consideration for price in what amounted to a liquidation firesale.
As Bloomberg notes, at 11:21am ET on Thursday, a trader sold close to 4 million shares worth $322 million of the HYG High Yield Bond ETF.
about five minutes later, 8 million shares worth $267 million of the JNK High Yield Junk Bond ETF were also sold. Then, another $350 million worth of HYG was unloaded at 1:39 p.m.
Commenting on the liquidations, Josh Lukeman, head of ETF market making at Credit Suisse noted - with a fair dose of snark - that after a relentless rally into high yield as recently as the end of September, junk bonds are no longer "a popular place to park cash." In fact, investors can't wait to get out as BWIC suddenly emerge:
"This is a bid-wanted situation in high-yield credit ETFs," he told Bloomberg: "HYG options are also very active, currently trading 400 percent above their average daily volume, with a 15-to-one put-to-call ratio." The fund, which has declined for fix straight days, was down another 0.2% on Friday, to its lowest level since February 2016; as part of the selloff, HYG shares hit their steeped discount to the fund's NAV since early 2018, suggesting that the underlying bonds have even more to drop.
And for those wondering what a BWIC (bid wanted in context) is Lukeman explained it represents a situation when a seller is willing to forgo optimal pricing for securities in lieu of unloading the position as soon as possible, i.e. a firesale, which is becoming increasingly prevalent in the high yield ETF space at a time when junk bond ETFs are set for the largest outflows on record!
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Posted the HYG chart earlier this morning, PIc 2. This is why we are here in one simple chart. dislocation of the HYG and SPY
rest
https://www.zerohedge.com/news/2018-12-21/bid-wanted-situation-credit-hit-liquidation-panic-amid-unprecedented-firesales