It seems not everyone is so confident that this market drop is dip to be bought. With most of the Treasury complex trading 'special' and the S&P 500 back below its 50DMA, investors are grabbing protection where they can. Credit indices are notably wider but it is VIX at 16.56% that is in great demand as it hits nine-week highs.
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and note that this morning's cash open ramp merely took S&P 500 futures to VWAP to enable institutional selling...
[3]
Charts: Bloomberg