Presented with the least amount of commentary….

The extent to which the Fed has been extending liquidity life lines… (OK, this chart shows Fed sopping up liquidity. There’s no FRED database dataset showing the liquidity extended before it was mopped up. Look at the large spike in liquidity being mopped up in Sept-Oct 2008 — the Global Financial Crisis.  The Fed/this chart on its own would have you believe Sept-Oct 2008 was awesome judging by the massive reduction in liquidity. That clearly makes no sense. Clearly if they were mopping up liquidity in Sept-Oct 2008 they must have extended far more than this a few days ahead of this.)


Nothing to see here.


And the shift in tactics from surprise Fed announcements (no rate hike) to allowing markets to break then using HFTs to jam futures higher. Hey, the Italians vote this Sunday, no?



Hmmm. Why would an HFT firm that likes to hold positions for milliseconds want to own positions for months and years?


anyone else see any humor on this FT page?



Oh.  O.K.



Icing on cake. Citadel now accounts for more trading than the NYSE.


It’s all good.