Wednesday, April 29, 2009

Morgan Stanley Turns On Hoovermatic AH In SPYs Today

The jolly folks at Morgan Stanley sure pulled a fast one today, trading 10% of the SPY volume at 6:40 pm, way after most people's bed time. At least they got their league table brownie points. 30 million shares in three well dispersed blocks is nothing to sneeze at. The question arises was this for the benefit of their in house PDT boys, which as was announced recently, are likely to be spun off and thus aggressively releveraging after a day like today when nothing could shake the market's optimism (and momentum) may have seemed like a good idea. Or did some external fund benefit from MS' prime broker generosity to accept humongous long blocks of SPY. One will likely never know, especially with the workaholics from the SEC at the helm. Sphere: Related Content
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