A quiet micro and macro day was dominated by Treasury's QRA news (which spoiled all the fun by coming in less than some hyperbolic expectations), and Japanese intervention the FX markets. Before the QRA headlines, Goldman's trading desk noted that overall activity levels were down -19% vs the trailing 2 weeks with market volumes down -7% vs the 10dma, and added that "our floor is dead-paired buy vs sell, but HFs are net sellers and LOs are net buyers." After the QRA, activity picked up... to the downside. And that prompted a rapid down-draft in stocks shortly after 3pmET (led by Small Caps which had been ... (full story)