Nomura’s McElligott: ‘Folks Are Emerging From The Bunker’

Nomura’s McElligott: ‘Folks Are Emerging From The Bunker’

For most of 2021, scouring the equities vol space for signs of crash-up positioning suggested market participants see scope for the new zeitgeist (i.e., reopening, reflation, and an economic renaissance, especially in the US) to juice cyclical value. Outside of that, though, inferred expectations for a broader melt-up appeared muted in favor of a preference for guarding against a traditional crash -- of the "down" variety, I mean. "Upside had been an afterthought at best," Nomura's Charlie McE
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