This Is What Happens When Someone Is Desperate To Sell $750 Million Of Stocks
At 1532ET today (Columbus Day - with half the market absent), someone - apparently having waited to see if the almost 'ubiquitous' 330pm Ramp would occur - decided it was time to dump three-quarters of a billion dollars notional of US equity market exposure in 1 second. The results of this forced liquidation (or utter disregard for fiduciary duty) were as follows...
A complete collapse of all liquidity in the S&P 500 e-mini futures contract - the world's most liquid equity exposure vehicle...
The liquidity evaporation began at 15:32:37 after 4,492 eMini contracts were dumped in 28 milliseconds $ES_F $SPY
— Eric Scott Hunsader (@nanexllc) October 13, 2014
Source: zerohedge.com