Nomura’s McElligott Saw ‘Potentially Important Inflection’ This Week

Early this week, vol markets witnessed "a potentially important inflection," Nomura's Charlie McElligott said, in a Tuesday note. For months, interest in index upside was minimal while demand for downside skew was insatiable, but on Monday, that dynamic (which has been a fixture in McElligott's commentary) "showed the first signs of abating," he wrote. The figures (below, from Charlie) show the shift. The annotations are his. After citing what he characterized as a "cathartic release" in vo