More Strange Trade

Last night in the overnight, low volume futures session, about 7 minutes after midnight, well before any increase in volume from Europe opening was present, someone decided all at once to buy nearly 11,000 S&P futures all at once in one order. Here's what it looked like in ES...

You can see the huge volume spike sticking out.

What is strange is they didn't wait for ES to hit VWAP, they didn't break up the order and they didn't place it when there was any liquidity at all, that's about $750 million in ES contracts in a minute.

Strange? You bet. The EUR/USD had nothing to do with it and no other asset classes participated. There's some chatter about it being a potential forced buyback or perhaps a stop run as it took out every order on deck, but we really don't know yet.

I'm looking in to some other things so I'll have a report for you as soon as possible, but this order goes against every concept of smart money buying there ever was, unless it was forced or placed very specifically to be seen out in the open.

More in a few minutes.