Here is how I see liquidity in today's markets:
If we wan't to play the rigged game whe have to take in our hands the hot potato at some point (betting stocks or bonds are gonna go up)
The fact that the game is rigged makes the potato going hotter and hotter through time but none of the participants have the ability to FEEL the heat before the potato is in their hand.
Some participants (smart money, insiders, hft etc...) have infrared cameras (can SEE the heat of the potato)
Do you think they gonna accept the hot potato coming from you when they will see with the camera that the potato has reached a critical temperature for hands??? no, they just gonna refuse you until the heat of the potato is transfered to your hands and burned them enough so they can accept it again from you at a lower temperature for THEIR hands and not being burned (when the price would have crashed enough)
WASH RINSE REPEAT
that's my plan since few weeks