Liquidity Suddenly Collapses As Stocks Tumble

This is the biggest drop for Bank stocks since Brexit, as investor concerns over Trump's reform agenda grow...

(Click on image to enlarge)

And, as Nanex points out, S&P 500 futures liquidity is collapsing today.

(Click on image to enlarge)

Why? Because whereas the BTFDers have been willing to jump in and, well, BTFD, on days where there is a sharp move lower, both the HFTs and the carbon-based traders step aside and pull their bids, unsure if this is "the start" of the sell-off. Maybe this time they are right, as the bank bloodbath continues:

(Click on image to enlarge)