Following last night's sale of Citi Treasury shares, we have learned that S&P will increase the float factor of Citigroup in the S&P after the close from 88% to 100%. As a trading desk reports: "We estimate S&P index funds have up to 374 mln shares to buy today (~89% of ADV), assuming no offer participation. S&P 500 indexers have a large funding trade to fund the C buy ($1.7 bln SPX for sale)."
Yep, every mutual fund index tracking fund manager has to buy this sh1t today...Too funny that HFT machines are also aware of "this".