Gamma Gravity

If it feels to you like US equities are having a tough time realizing that big downside move that committed bearish strategists operating mostly within a fundamentals-based framework still insist is just around the corner, it's not your imagination. On Tuesday, I spent a few minutes recapping the post-SVB vol-selling regime, as expounded on so many occasions by Nomura's Charlie McElligott, who described the conditions that precipitated a "non-stop index-level vol crush." He mentioned the big j