This morning, Korea broke. The KOSPI, up twelve percent in a five session melt-up, gave back 5.4 percent in a single morning. The Nikkei fell 2.4 percent, sixteen hundred points off its record. The Nasdaq closed down 1.3 overnight, Brent printed 92 dollars, the rupee closed at its weakest ever 95.68, and the Indian 10 year yield rose to 6.82: the oil tax has reached the bond market. Our own tape walks into this storm already six days down, 24,472 to 24,154.90, after Tuesday's expiry settled at the dead low of the day, printed by the closing session itself, 195 points BELOW max pain. The lesson repeats: a sliding market beats a static magnet, every time.

The heart of the episode is a divergence the official file has not shown all month. Retail set its FOURTH consecutive record naked put book: 5.74, 6.08, 6.61 and now 6.97 lakh contracts shor ...