How much of this sell-off is the expectation that a major, long term recession is now inevitable, which now seems to be a near certainty?
Everyone selling what they have now, with the expectation that the S&P and Dow are heading south and will stay there for a long time.
Some of it is. A larger part of it is de-leveraging. Hedge funds are getting crush with redemption demands.
Right about now, the “funds of funds” are pulling their money out in a fat hurry.