The Largest Rebalance Going Back To June 2023

A wall of supply meets lined-up HF buyers

1. ECM window fully open and the blocks keep on coming. Corporates are in their blackout period which means 30% less buying from the biggest buyer of equities. Quarter-end means pension funds are selling in decent size. CTA’s are in a holding pattern for now, but will start selling a little lower. All of this adds up to a pretty nasty supply picture.