VIX futures +10% (UX1), VStoxx fut +5% (FVS1), bond yields gapping higher (USTs, JGBs, Bunds, Gilts)… All at a time when systematics and CTAs are “heavily stretched long across EU, US and Japanese equities” (BofA) and the BAML FMS is “Uber-bull FMS, higher-than-norm risk-taking at 4-year high, protection against stock correction at 8-year low.”