A surge in market volatility will trigger further outflows from US stocks in coming days, said widely followed JPMorgan analyst Marko Kolanovic, but the ongoing market decline should soon present an opportunity for bargain hunters to step in.

The Cboe Volatility Index, or VIX, jumped 117% Monday, its biggest ever one-day rise. That created pain for traders in Wall Street’s most-crowded trade: betting on a continued fall in volatility. A pair of exchange-traded products that investors use to make such bets collapsed in after-hours trade Monday, underlining worries about forced liquidation that could impact stocks on Tuesday, MarketWatch reports.