Everyone Is Waiting For The Flush... But Here's The Problem, According To JPMorgan

Earlier this week, when we first discussed the flush in stocks, we highlighted that while retail investors were puking up blood (just weeks after unleashing a record buying spree), something odd was happening with institutional and hedge fund traders: they were mostly on the sidelines, some shorting modestly, others "aggressively watching", but nobody was panic selling similar to what retail was doing.