There is suddenly a big bid in bonds and stocks.
All eyes are on the calendar right now and I think that's a hint about what's going on. In a T+2 world, the securities purchased today will settle on Monday, which in the new quarter.
It may be that fund managers didn't want to show bonds or underperforming stocks on the quarter-end books. Or they may have simply wanted to disguise their strategies. In any case, I don't think the bids today are a coincidence.
SPX 5 mins
