It cannot be denied that something weird is going on. A whole lot of things currently don't add up in the financial system. The FED having to maintain a standing repo facility would be one thing. Why are banks not injecting liquidity? Why are they holding off? Covid-19, it should honestly be mostly a non-event. Sure, a correction is warranted. But not at this volatility. Retail (which includes me) is of course as always dumbfounded.
I think next week will show if this is the real deal. See the picture below (10 day variance of QQQ). Will we reach 2008 levels?