Big Money Selling Stocks Since Mid-March

The volume indicator shown here (circled, lower panel) shows that the big money has been selling stocks since the middle of March. The last time we saw a sell-off of this magnitude, Bernanke responded the following day with a promise of more monetization of the debt (via John Hilsenrath at the WSJ). He purchased $44 billion of U.S. debt during the month of March.