To commemorate the most ferocious reversal in the market observed in years, we shared a laconic comment yesterday via twitter on what happened in the stock market in the milliseconds (and minutes) following Trump's Thursday afternoon tweet:

All traders who stepped out for lunch are in for a little surprise... — zerohedge (@zerohedge) August 1, 2019

Of course, the trader "surprise", and what happened yesterday has to be taken in context - a move that first saw stocks plunge, then recoup all losses, then replunge... and continue to plunge today, in the process wiping out both shorts and longs.

That said, we were not the only ones to feel dazed and confused by the market action of the past 3 days: Nomura's Charlie McElligott was just as frazzled, if not more, noting in his latest letter to clients that "that was one of the most manic 36 hours of trading I have ever witnessed in my 18 year career."

Why? Read on the following selected excerpts from his Friday note for the various reasons why few will forget what happened over the past several days.