Well, this won’t reveal too much, but what’s essentially going on in the market is that you’re seeing the effect of exchange-traded funds with derivatives based on derivatives and automatic sell programs causing the latest bout of market madness.

That is, funds like XIV lost big and are unwinding and will likely undergo forced unwinds in the coming days. Also, the many more not in those funds but essentially shorting volatility have grown enormously in the past few years, chasing yield. All that is being exterminated in the market now.

They are panicking and selling now. This will continue because many of them are on margin, or way out of the money, and need capital immediately.

So now you know.