Another Modern Market Melt-Up?

If US equities felt melt-up-ish to you midway through Monday's bond market holiday, it wasn't your imagination. Recall that investors added downside hedges recently amid a bevy of ostensible left-tail risks, leaving the right-tail under-owned. What does that mean, in layman's terms? Well, it means that in the event the left-tail isn't realized, the conditions are in place for a melt-up. Downside hedges and/or long vol expressions are dead weight for the buyside in a "spot up, vol down" bullis