Oh Well, There’s Always Crypto…

Anyone who attributed Friday's turnaround in US stocks to "optimism" on trade had two whole days to rethink their assessment. At some point on Saturday, we suggested that was a lazy take. More likely, vol. sellers had reemerged, helping to calm things down. On Monday morning, Nomura's Charlie McElligott notes that "similar to last Thursday, Friday too saw systematic vol selling/put underwriting flows which coincided with the turn in Equities Futs off the lows [and the] turn in Vols off highs."

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