Today's Market Ripfest Comes At Worst Possible Time For Beared-Up Funds

Today's ripfest in stocks - which is already fading following repeated claims by Iran that contrary to Trump's representations, no talks actually took place - could not have come at a worse time for hedge funds and institutional investors who had aggressively ramped up their bearish positioning last week, in some cases liquidating record amount of risk assets (see "Market Flush Arrives As Long-Only Funds Sell Most Stocks On Record").

For those who missed it, here is a summary recap of positioning form the Goldman trading and Prime Brokerage desks: