Behind November's Rally: $350 Billion In Brand New Central Bank Liquidity

While we have discussed the various micro drivers and catalysts behind the "November to Remember", which included record buying by CTAs, record stock repurchases by corporations (more than $5bn per day), record dealer gamma, a brutal hedge fund short squeeze, a flood of retail buying of meme stocks, favorable seasonals and a Q3 earnings season that came in stronger than expected and ended the earnings recession of the past year, one may as well just forget about all of these and simply consider the macro elephant in the room, by which we mean the monster liquidity injection by central banks - and especially the Fed - last month.

According to Goldman calculations (available to pro subs in the latest must read "Global liquidity update" report), with $350BN added in November, liquidity (in USD terms) from the G4 central banks + the PBOC was nothing short of a fire hose.