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Largest Sell Programs Since Nov 16 See Equities Pare Gains

US STOCKS
  • After initially very little reaction in equities to the FI bid following the Rainbow Bridge headlines, the S&P e-mini has slipped 14 points in the past ten minutes to 4557 to halve the day’s gains to +0.1%.
  • The move came with the largest sell programs of the day (and since Nov 16) with a few just shy of 1,000 names.
  • It has however since then reversed between one third and a half of the drop, suggesting it was indeed a flow-driven move rather than anything of longer-standing impact.
  • The Nasdaq 100 e-mini continues to outperform at +0.3% vs +0.2% for the S&P.

S&P e-miniSource: Bloomberg

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