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[dcengr]

There is orderly selling on the tape, even today. No panic. So there isn't a panic low. But there is a ton of puts being bought, many looks like in big chunks so by large players. And being close to opex makes this even more interesting. The consensus was for 7-10% correction. We're at 7% now. My feeling is if we rally from here, there will be no real panic bottom.. and this cycle may repeat if we make new highs, but the bottom won't be just 7-10% next time.. Ofcourse the other case is that we flush hard. Possible? Yes.. I'm not in favor of it.