Between rising yields, record coronavirus fatalities in the US, and the prospect of a double-dip
Category: volatility
Back To The Tinderbox
Headed into December, one key part of the year-end, melt-up thesis is that realized volatility
Nomura’s McElligott On Yellen As Treasury Secretary, Year-End Outlook
For the better part of two months, Nomura’s Charlie McElligott has been keen to press
Nomura’s McElligott: Investors ‘Respect’ Potential For More Shocks. Complacency Not Currently An Issue
While the global equity rally looked poised to cool in the face of new virus
Gather ‘Round Children, It’s Time For A Liquidity Ghost Story
“If Democrats take control of the Senate after the January 5th Georgia runoff elections, our
From ‘We’re All Gonna Die’ To 15-Sigma ‘Hope’ Shocks (And Beyond)
Nothing is certain in life besides truisms, tautologies, death, and taxes, and even the latter
‘Sure,’ The World’s On Fire. But Strats Controlling $1 Trillion Will Still Buy Stocks
I love reading copy sometimes. Whenever the world is going to hell in a handbasket,
After The Largest One-Day Momentum Crash In History, Here’s The Ultimate Irony
“The last shall be first and the first last.” That was the story for markets through Tuesday, as value posted
‘It’s Difficult To Fade’: As Markets React To Vaccine News, ‘Quant Quake’ Risk Comes Calling
“It’s difficult to fade this move as global risk markets should rally more on what
The Day The Earth Stood Still
Donald Trump appeared poised to put up a legal fight in the event some combination
Here Is Your ‘Last Chance’ Tactical Election Rundown
Having delivered on what I felt was an editorial obligation to mark the US election
From ‘Chaos’ To ‘Blue Wave Mania’: Nomura’s McElligott On Election ‘Narrative Overshoots’
Observing the evolution of the election narrative through the market’s beer goggles has been quite
Nomura’s McElligott On October As The Anti-Status Quo And The ‘New’ Election Tail Risk
October’s action in rates and associated thematic expressions in equities represent a “reversal” of the
‘Buying No Matter What’: Risk Aversion And The Ghost Of 2016
Perhaps market participants are too comfortable in the assumption that Joe Biden will prevail next
The Best-Laid Plans Of Traders And Pollsters
Escalating rhetoric from Donald Trump and lingering suspicions that, after 2016, the polls can’t be
Nomura’s McElligott: ‘You Cannot Overstate The Gamma Impact Of Single-Name, Mega-Cap Tech Options’
The flagging fiscal stimulus push in the US and escalating virus lockdowns in Europe are
Nomura’s McElligott: It’s ‘Déjà Vu All Over Again’ As August Comes Calling In October
The ghost of August is calling, Nomura’s Charlie McElligott reiterates, in a Tuesday note largely
Nomura’s McElligott Talks Post-Election ‘Right-Tail Risk,’ Return Of ‘The Ghost Of August’
Fiscal stimulus is the “new QE,” Nomura’s Charlie McElligott wrote Monday, editorializing a bit around
No Church In The Wild
Journalists long ago ran out of euphemisms when it comes to describing Donald Trump’s singular
Nomura’s McElligott: Market Is ‘Full-Throttle Embracing Biden, Blue Wave’
Price action on Monday was indicative of a market “going full-throttle” in its “embrace of
Nomura’s McElligott On ‘Doomsday Prepping’ And The Underpriced ‘Risk’ Of No Chaos
Assuming no black swans come splashing down in the macro lake, equities may be somewhat
‘The Tendency Of Order To Degrade Into Disorder’: Kocic On An ‘Anything But Ordinary’ Election
US lawmakers on Thursday sought to reassure a nervous nation. For two centuries, America has
Nomura’s McElligott Talks Short Gamma, ‘Robinhood YOLO’ing’ As Tech Heads For Worst Month Since 2008
Equities are unshackled this week post-last Friday’s quad witching expiry, and the “unclenching” effect from
Paper Tigers
As markets look warily ahead to the most consequential US election in modern history, it’s
Crazy Times, Brave Vol Traders, And The ‘God Forbidden Realization Of Chaos’
Crazy times On Tuesday, after a half hour search finally turned up my missing envelopes
Something Dramatic This Way Comes
You can now toss out whatever expectations you may have had for the news cycle
Nomura’s McElligott Talks Possible ‘October Surprise,’ Near-Term Outlook Following Tech Rout
It may look like value is suddenly en vogue in September with laggards like the
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