If it feels like this is a market that is increasingly careening from one extreme to the other, it's because it is.
Just three weeks after we recorded the highest TICK print in history, when it hit a record 2,049, at the start of Thursday's furious selloff, the number of stocks falling on the NYSE exceeded those rising by a record 2,058 as the biggest selling program on record swept across stocks, sending the S&P tumbling more than 5%, with every stock in the Dow deep in the red.
As Bloomberg's Sarah Ponczek notes, while this isn’t the first time extreme TICK readings have appeared this year, most thrusts have been in favor of buying, at least in recent months.
While many investors had been expecting a selloff after the record 40% rally from the March 23 lows, with technical indicators pointing to the most overbought market since 1991...
... and retail daytraders declaring they are "better than Buffett" by scooping bankrupt firms left and right and sending them soaring, the fact that the market is crashing one day after one of the Fed's most dovish announcement in history is certainly ominous.
And for nobody more so than the same retail traders who helped push stocks to the stratosphere in recent months: a Goldman index of "Retail Favorite" stocks, has plunged almost 10% today and is down almost 20% from its all time high hit just this Monday.
Then again, it will take much more than a one-day selloff to spook the horde of retail traders who after the recent surge in their holdings - today's crash notwithstanding - now feel virtually invincible.