SPY

Somebody is really getting reamed by the SPY - IWM hedging dislocation today.

And, as always, the VWAP is the low intraday bound.

And, as always, the VWAP is the low intraday bound.

And, as always, the VWAP is the low intraday bound.

So far today, IWM has traded 5.6 million shares below average, while SPY is 20 million above.

So far today, IWM has traded 5.6 million shares below average, while SPY is 20 million above.

Not surprisingly in today's (or more appropriately, insert x calendar period) increasingly odd trading action, the total advertised SPY volume was gobs (this is not a DeMarkian technical term) lower than Friday's. And oddest of all... Morgan Stanley is not anywhere in the top 12 advertised brokers. Has the accumulation/deleveraging passed? But oddness is the theme de jour.

Not surprisingly in today's (or more appropriately, insert x calendar period) increasingly odd trading action, the total advertised SPY volume was gobs (this is not a DeMarkian technical term) lower than Friday's. And oddest of all... Morgan Stanley is not anywhere in the top 12 advertised brokers. Has the accumulation/deleveraging passed? But oddness is the theme de jour.

Not surprisingly in today's (or more appropriately, insert x calendar period) increasingly odd trading action, the total advertised SPY volume was gobs (this is not a DeMarkian technical term) lower than Friday's. And oddest of all... Morgan Stanley is not anywhere in the top 12 advertised brokers. Has the accumulation/deleveraging passed? But oddness is the theme de jour.

Thanks to traders who point out that SPY continues to be on the HTB list from market open for days on end now. Hearing grumblings about IWR as well.

This is getting childish.

In a replay of yesterday, Morgan Stanley advertised 30 million SPY shares traded at 6:42 pm. Curiously UBS also posted a significant accumulation block, larger than yesterday's, and indicative of some serious Prime Broker activity.

In a replay of yesterday, Morgan Stanley advertised 30 million SPY shares traded at 6:42 pm. Curiously UBS also posted a significant accumulation block, larger than yesterday's, and indicative of some serious Prime Broker activity.

Yet another volumetric ripfest for the SPY into the lack of news and 20 minutes after. Curious which bank was "facilitating" the bulk of the trades.

Yet another volumetric ripfest for the SPY into the lack of news and 20 minutes after. Curious which bank was "facilitating" the bulk of the trades.

Developing story: Traders confirm several locations indicating SPDRs are no longer automatic borrow and have made their way to the Hard To Borrow list: pre-borrow call is needed versus automatic short prior, as not enough underlying inventory.

Have fun hedging the market when you can not short. Wholesale market squeeze is being orchestrated.

10:23 am update: