My hunch is that Adage is covering from their box, seeing as there is already no room to go lower (we are closer and closer to cash and assets), and even if they did it would have diminishing returns.
Even the depressed longs here are at a point where they see no reason to give up, since they are already up to their chins in paper losses. I won't at all be surprised if, counter intuitively, if this is Adage's signal to the other tutes that the HFT downturn has now reached or reaching the end of the rope. We'll see, just speculation my part.
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