Melt-Ups, Crash-Ups And Vol Bleeders

The rebuilding of positioning across broad equities amid the S&P's trek into bull market territory "is not a drill." So said Nomura's Charlie McElligott on Monday, in his first note back from a client trip to Asia. It's obvious, he remarked, that the rally has moved beyond the simple unwind of debt-ceiling hedges. Now, some PMs are engaged in a "classic chase," Charlie said, "where they start coming for anything left behind." Note that small-caps (i.e., cyclical value) were bid into the ra