US equity ETFs attracted a record $400 billion over the last 3 months, the most EVER.

January inflows were running at 5 TIMES the average for the month.

Leveraged-long ETFs held $145 billion in assets, while funds betting on market declines held just $12 billion.

Furthermore, credit markets were behaving like 2007, with risk premiums on junk bonds as tight as ever.

Investors went all in on risk right before the selloff began.