Friday was a bad day for stocks, and while spoos managed to stage a tiny end-of-day bounce to avoid sliding below the 2022 June closing low of 3,666, one can only describe Friday's action as a crash - which is what we did - especially in the bond world where things are starting to break, as Michael Hartnett explained in "The Bond Crash of 2022"

But even just looking at equities, it was a full-blown capitulation: as Goldman's flow trader John Flood observed, the last day of trading saw continued Long Only (L/O) derisking in broken names (Goldman's asset manager sell skew peaked at 21% Friday which was 91st $-ile vs 52 week look back), at the same time as Goldman saw meaningful supply in growth complex.