Vol Crush Unlocked

Vol was obviously crunched hard into a truly raucous, post-election rally on Wall Street. "MAGA mania" (if you will) was always going to be the most bullish super-near-term, knee-jerk outcome given markets' penchant for equating Trump with "animal spirits." Everything risk was bid, and small-caps predictably stood out, posting their best session since November 10, 2022, when a relatively favorable CPI report drove a broad-based rally. Although the longer-term "best"-case for a low-vol regime w