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‘They’re Coming For It’: QE Trade Spotted In The Wild As Lemmings Peer Over Cliff

'De facto easing' versus the 'March surprise'.

Nomura's Charlie McElligott is amused on Friday morning. It would appear that his call for a mini-melt-up/local peak followed (perhaps) by a "tipping over" starting next week and continuing into month-end has been at least partially realized as equities look to cap off a good week (documented here early Friday). "We see the gravity of the 2825 large OI strike currently 'pulling' Spooz higher, pinned exactly at the $3.6B SPX 2825 strike", Charlie writes, in his latest daily missive, adding a "LOL" for emphasis. Those who have followed his "March surprise" narrative know that going forward, things could get a bit dicey based on a "down-out-of" post-Op-Ex seasonal combined with three quarters of the S&P being in their blackouts and the mechanical pulling higher of pivot levels for Nomura's CTA model (the higher those sell trigger levels are pulled, the lower the threshold is for a minor selloff to cause CTA de-leveraging). One of the points McElligott has made while elaborating on this "Ides of March" thesis is that given the "flow-less" nature of the YTD surge (i.e., a lack of participation by key investor groups), the potential exists for folks to start chasing at just the w
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