Say No To Chop, Yes To Cash

Who wants to deal with it? If you're not asking yourself that question vis-à-vis the day-to-day chop in a frustratingly tedious equities market (where, thanks in part to the proliferation of 0DTEs, every session "its own ecosystem," as Nomura's Charlie McElligott is fond of putting it), you probably should be. The combination of macro cross currents (i.e., conflicting data) and the incessant seesaw dynamic fostered in part by options hedging flows, makes discerning signal from noise even more