Howdy Lighthouse interesting discussion here. Yes it appears there was a big change in money flows around that flash crash event. I believe cash funds and bonds are too often overlooked when forecasting the markets. I think you need to take into account the longer term bonds, because, as I've shown in the chart below of US 30-yr Tbonds, they have rallied strongly since May this year. It makes sense to me that money would flow from equities into short term cash, then longer term bonds. The chart also show the yield curve, and how the short term stuff has very low rates of return, hence the rotation into the longer term higher yield bonds.
