Today stocks continued ripping higher with nary a limit order standing in their way. While the FED stated yesterday they will remain patient, investors were anything but patient, and invoked a buying frenzy that concluded in an "inverted flash crash". The $SPY, an ETF that tracks the S&P 500, hit $212.97 into the close.... a full $5 more than the offer. It's akin to telling the cashier you'll happily pay double for a pair of shoes for absolutely no reason. Then again shoes cost $50, these trades were over $200 million. I guess if you are 100% sure the $SPY is going over $213 why buy at the current price.... if that makes any sense (it doesn't)
A Very Patient Buying Frenzy
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