LIQUIDITY ANALYSIS. A VERY, VERY, VERY PRELIMINARY "ENDOGENOUS LIQUIDITY INDEX"
. Endogenous liquidity: the madness continues

Our preliminary —and rudimentary, temporary, untested, 1.0— version of an Endogenous Liquidity Index (ELI) eased 0.32% yesterday. The VIX and junk bond spreads pulled the index down, while CDS spreads and the Goldman Sachs share price provided some support. Still, the index is up a healthy 8.42% with respect to March 30. As Gary Kaminsky, a Neuberger Berman asset manager, just said on CNBC: "Liquidity will put a floor under asset prices". Indeed.