This Is What Happens When A Buying Algo Gets Excited

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!

Nothing to see here, move along.