Microsoft May Hold Keys To ‘Yikes Pain-Trade Rally’

Charlie McElligott's spidey sense is tingling. US equities and volatility rose simultaneously for two consecutive sessions this week, a development that may indicate a nascent sea change in investor psychology. Since the selloff began late last year, traders marked a transition from a "buy the dip" mindset to a "sell the rip" mentality, which meant spot rallies were eventually greeted "with large 'negative delta' flows" as calls were monetized and market participants reloaded downside for a tr