Haven't seen this kind of anemic volume in a long time
That's good news because IMO much of the buying and selling has largely been short HFs trying to manipulate prices down so they can cover on the back of their manipulation. It's worked to a certain extent, but they are running out of ammo, it's becoming less and less advantageous to do so. Hence the lower volumes lately and the utterly anemic volume today. At some point, it becomes easier and cheaper to simply buy back and cover. That day is coming. GS reiterates today, making the point that their assessment of things is coming to be. And Scotia had great comments this am.
The question is, when will this 2nd rate HF alliance come undone? As I said, short HFs and retailers are sheeple, they missed the party. HFs involved are juniors, punks, but they are able to enlist the services of cheap 'journalists' and analysts from 2nd rate investment houses. At some point, soon I think, the trash talking will stop working and the HFs will begin to panic, one at a time, and cover. Stampede will ensue as they stab each other in the back. Michael Collins I believe wrote a prescient article on this about a month ago, can't find it right now.