Well that was a day - summarized perfectly by JPM's head of cash trading Matt Reiner who wrote this morning that "equities are trading as though hope and confidence are dwindling out of the system" before a big squeeze this afternoon slapped some lipstick on this negative gamma pig. For the 3rd day in a row, the machines tried (and failed) to ignite a short-squeeze early on... but around 1400ET, something snapped and the squeeze was in and equity markets went vertical. BUT... the ignited momentum ran out of steam quite quickly... {chart} The late day squeeze-gasm lifted everything green (even The Dow briefly) ... (full story)