All Bets Are Off: Morgan Stanley Warns Selling Panic Triggers First $40 Billion In CTA Liquidations

Another day of chaos in markets thanks to geopolitics, domestic macro, and micro... and now CTAs.

Recall that two days ago we warned that with the S&P falling below the 50DMA (and 100DMA since), but more importantly, the short-term CTA trigger level of 6045, trend-following CTAs - which were max long stocks - would start selling.