http://ggc-mauldin-images.s3.amazonaws.com/uploads/pdf/171014_TFTF.pdf
...Doug warns that a 2% or 3% move down in the markets could cause short covering in the VIX that could quickly spiral out of control. Not unlike the “portfolio protection” trade that brought about the 1987 crash.
...could lead to an end of the virtuous cycle – if ETFs start to sell, who is left to buy?
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