Quarter Quell

Various indicators suggest this upcoming Quarter End should see outflows from Equities and inflows into Fixed Income, along with USD buying due to Fed QT. The sharp options traders flag up that derivatives positions should actually lead to buying of SPX tomorrow into the close. All in all, we could easily see a lot of panic today as stocks wobble, only for it to reverse 24 hours later.

We are much more concerned about what happens after that. Monday is of course the start of the July 4th holiday week for our American cousins, so liquidity will be poor. Then . . .

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