Stock Buybacks Enter Blackout Period; Retail Only Buyers Left

Back at the start of November, when the S&P was at 5 month lows and the prevailing mood among the Wall Street analyst momentum-chasing echo chamber was apocalyptic, we said that there are five chief reasons why stocks are poised for a face-ripping rally...

1. Dealer gamma turns deeply positive
2. $5BN in daily buybacks until mid-Dec
3. CTAs buying up to $200BN in global stocks over next month
4. Hedge Funds least net long since 2011
5. Seasonals pic.twitter.com/Rv3U1HLGHx

— zerohedge (@zerohedge) November 3, 2023

.... one among them being the imminent arrive of some $5 billion in daily stock buybacks (a number, which we have since learned was on the low side, as November was a month when buybacks set blowout records).