Smoking Gun

When equity turnover prints $1T+ in a day, most of that is recycled risk, not new conviction. In practice, maybe 85–90% of it round-trips intraday. Only ~10–15% meaningfully survives the close as net exposure.

That’s why short-term resolution isn’t a ‘market mood’ — it’s structural.

If most flow can’t hold overnight, the market is forced to resolve in m…