Credit Suisse Notes HFT's Fled The Market During Monday's Opening Collapse

Credit Suisse says Monday's opening trading was most likely driven by an unwinding of hedges instead of market panic. The bank believes many of the traders long volatility Thursday and Friday were forced to sell futures positions Monday morning. In some very telling commentary that will surely gather a rise out of the community debating the merits of high-frequency trading (HFT) CSFB said:

"HFT is typically 50% of overall [volume], but they have to walk away in this heightened [volatility environment],"

Credit Suisse hinges its transition to a bullish viewpoint on the indication of increased buybacks.