Sep. 8 at 8:22 PM
$NKE Nike was already a rounding error in the S&P 100, about 0.11% of the main tracker (iShares OEF,
$20.5 billion).
That is only
$23 million, or roughly 500,000–600,000 shares at
$38.
Those funds have to sell by 21 September. Nike’s average day is 20–25 million shares.
So the whole index exit is two to three percent of one normal session, not a wall of stock. That is why today went nowhere after the weekend noise.
The mechanical selling is real, and it is small. The tape already treated it as yesterday’s news.
