"What was THAT?"

Dear old Big Picture this morning asked... "What was THAT?"

My posted comment was this:

• Nobody was buying any put protection recently, even with vol going quite cheap, with the expectation of a squeeze going into the end of the half next Monday (... could yet happen, but...?) which almost guaranteed that markets would tank.
• What's a bit more disturbing is how volumes in down markets are still relatively subdued, and NOT accelerating into the slides - particularly compared with the periods prior to the mid January and mid-March rallies.
• Not capitulation (yet) if you ask me.

S&P500 since early last year