Fireworks Day: Stocks Fawke'd, AI/Tech Wrecked On "Massive Retail Selling"; Bonds & Bullion Bid

Tl;dr: Rotation (check receivers to check writers) and hedge unwinds (vol collapse) saved the day yesterday; today was the delta-one degrossing in anything tech as the Blu-nami reality hit (massive retail selling). The US cash equity open saw very 'liquidation-y' (perhaps some CTA triggers too) flows sent stocks plummeting, led by across the board carnage in AI/Tech (Momo smashed). Bonds and bullion were aggressively bid but bitcoin was puked. The dollar and oil prices rose (technicals) on the day, but no one cared as rate-hike expectations plunged as the curve bull-steepened.

Goldman's equity traders summed the day up best: "Pain levels are high..."