Biggest Lose Since Last Sep, What Happens To The Market?
@Maverick Options：
The real danger isn't the selling — it's the absence of buyers. Buy tickets near zero for multiple sessions running means the market has no absorption mechanism. Light selloff volumes look "calm" on the surface, but without a bid, even modest supply creates outsized price impact. The CTA math is the most important number in this note. They're short $18bn and have sold $55bn this month. If sentiment stabilizes, a potential $86bn forced buy — at the 99th percentile — would be one of the largest systematic covering events in years. That's not a bullish call, it's a mechanical reality. The derivatives picture is telling a two-sided story simultaneously. Short-dated puts screaming (panic index 9.14/10, front-end skew crushed), but large long-dated call flies being bought in
