At 13:21:15 this afternoon, as the Dow Transports was pushing towards its record highs (for the first time in 2 years), S&P futures and the SPY ETF suddenly exploded in volume and ramped higher.
In those few seconds 2 million SPY shares went through (around $450 million)...
and 32,000 e-mini contracts (around $3.5 billion notional) screamed through the markets...
Some context... That's a record!
$3.1 Billion worth of S&P 500 futures traded between 13:21:14 and 13:21:15 ET. That's a record (excluding open/close) $ES_F— Eric Scott Hunsader (@nanexllc) December 7, 2016
A reference point: W&R sold 75,000 over 20 minutes, and the first ~35,000 supposedly caused the flash crash (wink) https://t.co/yipgWOMvOS— Eric Scott Hunsader (@nanexllc) December 7, 2016
Nothing to see here, move along.