Let's take a step back for a moment to ponder where things stand.
The VIX is sitting at a post-February high. Investors are reeling after one of the worst weeks for U.S. equities since the crisis. The U.S. government is shuttered at Christmas in lieu of $5 billion in taxpayer ransom money earmarked for the construction of a 2,000-mile "steel slat barrier" (with spikes on top) along the southern border. The Secretary of Defense has resigned. The President of the United States is under investigation for colluding with the Kremlin. And markets have succumbed to multiple one-day crashes facilitated, at least in part, by systematic flows and an acute lack of liquidity.
We are now living in a collage of surreal, dark geopolitical and market fantasies, each of which could, on its own, serve as the plot for a thriller. And we're experiencing them all together, at once.
Below, I'm going to zoom in on liquidity and market depth but I hope you'll read this with the broader context (as briefly summarized above) in mind. To that end, I attempt to bring it all together in the concluding remarks.
Beating the dead liquidity horse
I'm going to keep beating this dead horse until it dies a secon
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