What does a blow off top look like? You have to wonder how much liquidity there is on the downside. The traditional dip buyers have been active funds, dealers and hedge funds, while hedge funds have high AuMs, the other two have shrunk a lot. On the other side apart from ETF/ active fund redemptions you have huge AuMs in risk premia with short VIX strategies and similar and risk parity which has to delever on vol spikes.
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