Yest and today were supposed to be down (hard), right?
Too many if‘s and could, should, would in that whole liquidity stuff. I follow price. That‘s all. I know many very smart people in the bank, they all are fully aware of that macro liquidity thing. It is not the case that we are doing something which know one else on earth does or sees. Many many times in the past 10 or so years have we been caught on the wrong foot. One simply cannot say that liquity analysis is superior. It even doesn‘t give us an edge.
Follow the price. That‘s tough enough..