They want to trap as many bulls as possible before the real drop.

$VIX is down another 10%+ from its high last week, to ~29.

This bear market has consistently used relief rallies of under 10% to crush the $VIX.

As a result, we have yet to see $VIX come remotely near to 45+.

They want to trap as many bulls as possible before the real drop.

— The Kobeissi Letter (@KobeissiLetter) June 23, 2022

According to GS, Retail Investors have been selling tech and biotech pretty heavily. $XLK $XBI pic.twitter.com/rXhX5Szk5Q

— Ayesha Tariq, CFA (@ayeshatariq) June 23, 2022

S&P Global PMI survey indicates factory production "fell to a degree only exceeded twice in the 15-year history of the survey, at the height of the initial pandemic lockdowns in 2020…and the global financial crisis in 2008." Look out below. pic.twitter.com/ys06VvN7My

— Liz Young (@LizYoungStrat) June 23, 2022