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Matt Levine

Scapegoats, ETFs and Greek Threads

Also bond market liquidity skepticism and Puerto Rican bonds.

Markets are weird.

The S&P 500 was up as much as 2.9 percent yesterday before collapsing in the last hour of trading and closing down 1.35 percent. The Shanghai Composite Index closed down 1.27 percent Wednesday, which is pretty good for the Shanghai Composite these days. As I look at about 8 a.m., Europe is down, but U.S. futures are up.