same spark, two terminal regimes
How the liquidity buffer turns a pullback into a record gap loss fundamental spark AI wobble · oil shock 3 leveraged fund crowded single-factor trade 2 long AI single-name x L short software low-vol straight-line tape lets gross build vol reprices margin call 4 5 forced selling 1 reserves the buffer: reserves + dealer capacity reserves thinner + dealer capacity constrained others holding the same factor ordinary, buffered drawdown absorbed record gap loss at the leveraged node 6 reverses tape momentum quant single-name