US equities just shed $4.5 trillion in a single session Thursday. That's not a correction—that's a wholesale repricing. When you see that kind of velocity, it's not just algos unwinding. It's forced selling, margin calls, and institutional books getting hit.
This is the kind of tape that changes positioning for weeks. Risk-off doesn't even capture it. Watch how credit and volatility behave from here—if spreads widen and VIX stays elevated, we're not done. If you were overexposed going into this, you're feeling it. If you had dry powder, now's when you start building a list.
This is the kind of tape that changes positioning for weeks. Risk-off doesn't even capture it. Watch how credit and volatility behave from here—if spreads widen and VIX stays elevated, we're not done. If you were overexposed going into this, you're feeling it. If you had dry powder, now's when you start building a list.