Is this the beginning of a longer term downtrend?

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Comment:

That Primary Dealer Credit Facility was, in essence, just the fed providing support to the re-hypothication markets.

MF Global and the great Wall St re-hypothecation scandal
12/7/2011
(Reuters) “Re-hypothecation occurs when a bank or broker re-uses collateral posted by clients, such as hedge funds, to back the broker’s own trades and borrowings. The practice of re-hypothecation runs into the trillions of dollars and is perfectly legal. It is justified by brokers on the basis that it is a capital efficient way of financing their operations much to the chagrin of hedge funds.”

“By 2007, re-hypothecation had grown so large that it accounted for half of the activity of the shadow banking system. Prior to Lehman Brothers collapse, the International Monetary Fund (IMF) calculated that U.S. banks were receiving $4 trillion worth of funding by re-hypothecation, much of which was sourced from the UK. With assets being re-hypothecated many times over (known as “churn”), the original collateral being used may have been as little as $1 trillion – a quarter of the financial footprint created through re-hypothecation.“

Comment:

"Stocks are flat amid reopening optimism", CNBC


Could this be another signal of rotation into stocks that will benefit the most from reopening..?? Airlines, hospitality, retail..Or else why would reopening lead to reduced share prices?