We saw some warning signs this week even with the market making new records.
1) Bond yields have been dropping heavy.
2) Vix index rising even with the market making new records.
So today's drop in futures is another reminder that market can't make new records everyday forever.
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Record high margin borrowing amounts too, usually one of the four horsemen of the correction.
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Japans Olympic news of barring spectators because of Delta Variant caused the dive last night in futures.
Bond algos. Expect washout in 10 yr around 1.2. Weak hands will get flushed out.
Since I have been following you I was able to spot the signs and close out some of my positions before they turned red.
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