By the time this is done Citadel etc, will be up. A lot. They have MM exemption which gives a 7 day window to cover naked shorts that arose from market making. They'll all be pulling bids for the next 48 hours to get this under control. And the flow, from here, is solid gold.
4/n

Citadel specifically will make a lot. They had the flow first, and Melvin's books were open. They just knew everything before you did.
P72 got hurt, but they had 1Bn in Melvin. They'll recover and they too have a big share of Melvin now. War wounds, trading is tough etc.
5/n

r/wsb had their day. They should cut and go but of course most won't. Every battle now will be a smaller rerun of this, and will be lost, because weekly call options on low float names will be vol++ for the foreseeable. Everyone's remodelled the right tail already. It's gone.
6/n

L/S funds who degrossed late got taken to the woodshed. This is good, though i am biased. They need to think about what 'value' means in a fully interconnected world. This will take time. Boomers on golf courses don't appreciate finance lessons from Potato_In_my_Ass.
7/n

The rest of us who are more nimble probably just have a great opportunity to trade around our books.

Memo to myself - noise is back. VIX is 30 and the world is, to be honest, doing OK. If something looks wrong, trade it.
8/n

This is, I think, opposite to @vol_christopher by the way. In my defense, I'm usually early. Low attention span .

So I'm calling this one. It's done.