$1 Trillion A Day, $11 Million Deep: Goldman Finds Record Volumes Masking A Market That's "Thinnest Exactly When It's Needed Most"

Never has more money changed hands in US stocks. Never has less money been standing in front of it.

That, in a nutshell, is the takeaway from the latest "Liquidity snapshot" note published today by Jason Klein of the Goldman Sales and Trading desk. And for regular readers - who have watched us obsess over S&P e-mini top-of-book depth since at least December 2018 - it will sound very familiar. Here is Klein's bottom line:

Twice The Dollars, A Fifth Less Depth