$MOVE This 15-minute move directly dropped 11%. Trading volume surged 16x, and volatility Z spiked to 5.47. It looks like a panic sell-off, but OI actually rose 23% over the past hour. Short leverage is accelerating into the market, and the buy/sell ratio of 0.88 with an active sell-side pressure isn’t extremely extreme.
The fee rate at -0.26% is already near the 98th percentile on the high end. At this point, the crowding on the short side is fully maxed out, and historically the marginal room for further downside is usually not that large. The spring for a brief rebound is being compressed.
The fee rate at -0.26% is already near the 98th percentile on the high end. At this point, the crowding on the short side is fully maxed out, and historically the marginal room for further downside is usually not that large. The spring for a brief rebound is being compressed.