Financials Underperform As Flight To 30 Year "Quality" Becomes Sprint
XLF dropping on relative basis to rest of market on accelerating volume, just in time for a notable flight to 30 Year UST bonds: yields have plunged from 4.42% to 4.29% intraday, a major move from a marginal buyer perspective.
Notably, the index and single name put/call ratio has been ramping higher, indicating big players are starting to hedge aggressively against a material drop. However, this is certainly not the first time, and on most prior occassions this move ended up being a headfake. Then again, on prior occassions the market was never as massively overbought as it has become now.
And guess what - cum average volume just went green as the market started to tank. Shocker.