‘The Vol Event Is Dead. Long Live The Vol Event!’

‘The Vol Event Is Dead. Long Live The Vol Event!’

I spent most of Monday going on about vol-sellers and whether they would or wouldn't reengage to help stanch the bleeding in equities given the proximity of the September FOMC event risk. As it turns out, they did. Brave souls, that bunch. I jest. They're not brave as much as they are conditioned. As Nomura's Charlie McElligott put it, "the back-test on vol spikes tells you that you have under one day before the rally in spot." That was a joke. And it was funny because it's mostly true. Fast
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