The US equity markets stumbled out of the gate as the S&P 500 slipped back down to test its 200-day moving average. Then as volume dried up, the inevitable occurred - an algo-driven vertical melt-up pushing stocks back to unchanged... Crucially, undelying this 'panic-buying' is only 35% of stocks are advancing!! Who could have seen that coming? Well, anyone who remembered at the open that the only right move - allowing HFTs to levitate stocks - is not to trade. as a reminder, zero volume levitation algos can't levitate stocks until volume returns to zero — zerohedge (@zerohedge) https://twitter.com/zerohedge/status/633270167154335744!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");