‘Oh Snap! Did I Short Into The Lows?’

"Oh snap! Did I short into the lows?" That's what at least some traders thought late last week, according to Nomura's Charlie McElligott, who on Monday highlighted an interesting nuance in the equities options space. Last week was, of course, cruel to risk. Specifically, US shares suffered their worst weekly performance since the regional banking mini-crisis. But as the weekend approached, call skew steepened "in all three majors, while put skew was offered," McElligott observed. The figur