It’s now the ultimate stock spruik vs the ultimate stock wrecker

Tuesday, 3 March 2020

With the US plunge protection team in full swing supporting stocks, via Richard Coppelson at Livewire:

We saw something extraordinary late Friday in the US-

Someone (and I know exactly who it was) came in as a massive buyer of S&P 500 Eminis contracts -worth a huge US$25b was bought right into the close – hence the gigantic +3% rally on the close – so the US didn’t look as bad.

So who was the buyer??

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.