From Scott Garliss at the Stansberry NewsWire:
The quarter ends tomorrow for most fund managers…
Traders will want to take some money off the table. It doesn’t mean they completely unwind positions, but it’s never a bad idea to hedge your bets. A lot of that happened today. Hedge fund portfolio managers and traders don’t want to stick around ahead of a long weekend. They likely show up for a half day tomorrow, if at all.
If you’re a long positions only portfolio manager, you likely wait until tomorrow to defend names you own. Why waste the bullet too soon? It’s easier to get momentum in your favor if the people you’re sparring with in the market place have all gone home for the weekend.
That implies a skinny market tomorrow afternoon in terms of liquidity. With everyone gone, it’s easier for stocks to gap more one