They Sold Everything… Then Got Squeezed

Brutal squeeze unfolds

Positioning has flipped hard and fast. What started as steady de-risking has turned into a full systematic unwind, with flows, gamma, and liquidity all moving in the same direction at the same time.

This is where markets tend to become unstable, and that’s exactly what we saw play out today. When positioning resets this aggressively, it rarely ends cleanly, and the next move is often driven less by fundamentals and more by mechanics.