Quant and heat mapping: inflation up, deflation down, quality marginally up, garbage pillaged. Marginal quant leveraging.

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NYSE volume: Big day, but 50% was in financials and derivatives. Bank trading prop desks traded their heads off in individual names. Most of the volume is punters punting against other punters. If speculation is a way to increase confidence in the financial system then mission accomplished.

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SPY Advertisements: 4th day in a row without league table worthy SPY volume by our dear friends Morgan Stanley. Alas the bank can no longer tout its phenomenal big pipe service to its clients. Curiously UBS has stepped in to fill the void.

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