"This year’s flows have been so furious that every month has run at roughly 3.5 times the usual seasonal average"
"Small-caps today are hitting the highest levels since February relative to Large-caps"
"We have CTAs modeled to sell equities in every scenario over the next week and month, mostly concentrated in the US"
"There tend to be two distinct vol regimes: low vol before the market peak and high vol thereafter"
"In the US, leadership is extending out from large-cap to small-cap stocks"
"Retail has bought over +$100B of US stocks in the last month, the largest 1M buying on record"
