Stocks continue to tank, as Michael Jackson is laid to rest in a star-studded ceremony in LA. But the real story is not the price decline, but the disruption to order flow. Said one trader on a prop desk we talked to: “yeah things are whipping around because of gaps in the order books… im just getting chopped up.”
At this time yesterday, we did 172 million SPY contracts. Today it’s only 107 million.
The trouble started right around 1:00 ET, when the funeral began.
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