The Dow has tumbled back below 26,000...
And all major US equity markets are stumbling notably after their exuberant open...
As VIX extends its pre-market ramp above 11 to its highest in 5 weeks...
Notably, Morgan Stanley points out that over the last two weeks investors have bought the 2nd largest amount of S&P 500 futures (as measured by MS Trade Pressure) since at least 2010, while at the same time net holdings of S&P 500 calls are the highest and the net holdings of S&P 500 puts are the lowest since at least 2010.
Probably nothing.
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