$IWM down hard over two months, yet implied vol on small caps is dead quiet—nobody's hedging. That's wild. Either the market thinks this is just noise and we bounce, or everyone's asleep at the wheel before something breaks. When protection is this cheap and price action is this ugly, you're either early to a mean reversion or about to get run over. Watch for a vol spike if we get another leg down—that's when the real pain starts.