Massive Early (Terminal) Squeeze Withering
Someone threw in the towel this morning, and volume exploded. Subsequent to the initial exuberance volume has been retracing to average, and will promptly turn below average in the next few minutes.
Indicatively, 135mm shares traded yesterday and the entire day's gap was filled on manic indiscriminate marginal buying of only 27.4 million shares in the first half on hour of trading today.
By the way, we are now back to Monday's close, with a 5:1 down/up volume ratio completely netting itself out. For clarification: Taleb on marginal buying, and the lack of discrimination of forced buyins to cover at any cost.