Leveraged ETFs Were $17 Billion Flow Kicker To MAGA Rally

So, yeah: Modern markets did their thing in the monster, mid-week MAGA melt-up. The post-election frenzy on Wall Street tipped all the usual upside dominoes, a chain reaction which crescendoed into a massive end-of-day rebalancing flow from the increasingly impactful leveraged ETF space. This is a source of intense reader interest, and for a very good reason. Have a look the figures below from Nomura's Charlie McElligott (click to enlarge as always). On the right, you can see what I mean by