What Happened To The Selloff?

Remember the equity correction? If not, don't worry. You didn't miss something. There wasn't one. A correction, I mean. There was, however, a pullback. It lasted for three or so weeks and amounted to a ~5% haircut for the S&P. The shallow retreat was accompanied by the reemergence of demand for downside against less in way of interest for upside optionality (melt-up tickets, colloquially) and thereby steeper skew. That marked a regime shift of sorts. Skew had flattened to extremes amid mo