В ожидании сквиза
Friday felt like a potential pivot point with bid getting healthier as we finally saw L/Os come in and passively buy (they have been net sellers on every single trading session since 6/7). FOMO is real at the moment (MFs currently sitting on well over $200b in cash right now and buying will intensify on moves higher). This community also took advantage (as buyers) of the abundance of liquidity on the closing bell Friday. Demand was mostly concentrated in higher quality cyclicals.
We currently estimate $37b of equities to buy for quarter end pension rebalance.
I would certainly be more patient selling this pop as it was highest quality rally I have seen in over a month.