Month end and MSCI reweights meant that after a lot of huff and puff not many houses were being blown down. Always a tricky day to assess what is going on the majority of action has been pre-determined by index funds and reweight baskets. It is a liquidity event, and for global Equities possibly the last big one before the summer with the June quarterly expiry maybe another one on the radar. Volumes elevated due to the passive flow and then surging on the close is a classic playbook for the day…
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