The idle Process

If there is anything today's violent reversal in the market demonstrated, where this morning's inexplicable levitation (well, maybe explicable now that "terrible news is great news" again) was smashed with stocks plummeting once Trump tweeted that the China trade war ceasefire is dead, and the US would impose "a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country", it is that algos, quants, and systematic funds remain the marginal price setters of the US stock market. 今日上午，美股一路高歌，直到川普总统一条推特将之终结。推特说到，与中国的贸易战停火已经腹死胎中，美国将要对中国剩余的出口到美国的3000亿美元货物征收“一个小小的10%的关税”，股市随之狂泻。这种暴力反转说明，算法、宽客和系统化基金仍然是美国股市的基础定价者。 Indeed, as Bloomberg's Andrew Cinko said when commenting on today's early morning levitation, it "looks more like it's being driven by ETF flows or perhaps quant- or multi-strategy firms. That's money that tends to go out as quickly as it came in, leaving the S&P