Looks like not even Lloyd can take on mighty Jamie and his ravenous ETF hoovermatic: today migrating from boring old SPY to the uber-insane IWM. Just a reminder for Jamie's unmovable bastion of ETF fortitude: here is Lloyd's message - loud, clear and in 360x280 pixels. Bid the market against "the machine" at your own peril.
In the meantime, IWM 10 day volatility has quietly dropped to pre-Lehman levels.
Quants apparently had quite a field day, releveraging into any dip, and throwing IWM-based feces at each other.
As for that delayed mortgage refi: looks like today won't be the day either.
In the meantime after today's excuse for a 10 Yr UST auction, the inflation adjusted 10 Year has stormed back to December 2007 levels.
hat tip DistressedVolatility
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