THIS IS IT!! "Termination Event" Arrives: Traders Panic As XIV Disintegrates -90% After The Close

We noted earlier that US equity futures were extending losses after the close, but the real panic action is in the volatility complex.
Putting today’s VIX move in context, this is among the biggest ever…

And it appears Morgan Stanley was right to bet on VIX hitting 30

But the real action is in the super-crowded short-vol space.
XIV – The Short VIX ETF – after its relentless diagonal move higher as one after another Target manager sold vol for a living… just disintegrated after-hours, down a stunning 87%.