Between 2:00 and 4:00 PM ET today, the S&P 500 erased ~$600 billion of market cap.To put this in perspective, the S&P 500 added ~$600 billion of market cap over the last week.The index was up for 10 straight days but erased 5 of those daily gains in 2 hours.The volatility index, $VIX, spiked ~10% in a matter of minutes.Source: The Kobeissi Letter