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Kolanovic basically says the equity market move post the ISM was mainly due to;
1, dealer short gamma needed to sell quickly as index started moving sharply lower, " Technical flows likely drove more than ~$100bn of equities selling in a 48-hour period."
2, CTA went from long, to selling out longs to selling the market short
Notes that the inverse could easily happen should we climb a little higher (per Friday 50 bps), ie short gamma works both ways and CTAs could start buying.