Eight episodes ago this podcast put one sentence on record: if oil crosses 90 dollars, the support under this market starts breaking. Overnight, Brent crossed it, 91.16 at recording time, and it picked expiry morning to do it. The same file shows retail walking into today short 6.61 lakh puts, naked, their THIRD consecutive record after 5.74 and 6.08, having sold 53 thousand more into Monday's fall, one night before the trigger fired. And expiry implied volatility, asleep at 7.8 percent on Friday, woke 25 percent overnight to 9.7. It is expiry day: something resolves at 3:30, by force.

Monday itself was the fifth straight lower close, a staircase: 24,472, 24,436, 24,396, 24,366, 24,287.65, roughly 45 points a step, with the seventh sector rotation in seven sessions, IT hammered while realty and metals rose. The war behind it reached maximum ...