Breathe In, Breathe Out

“Waiting to inhale.”


There’s Nowhere To Hide.

Good luck.

One Bank Sees Volatility ‘Spilling All Over The Place’

“…volatility across various asset classes can be at times highly correlated and hence the extraordinary growth of short volatility strategies might create risks.”

Goldman Asks The Big Question: Is This The End Of The Low Vol. Regime?

The narrative in 2017 revolved around two things…

The February Vol. Spike ‘Shattered All Previous Events In Terms Of Fragility’

Handle with care.

Good News: Marko Kolanovic Still Sounds Pretty Bullish

Gandalf. Need more Gandalf.

Trader: ‘I Don’t Know How Else To Say It – It’s Different This Time’

“As I struggle to find the words to communicate my thoughts, I worry they will be misconstrued. Yet I don’t know how else to say it – except to blurt it out. So at the risk of being labeled a fool, here it goes – it’s different this time.”

You’re Not Panicking Enough Yet.

Or, put differently, how much would it take to break the spirit of market participants who have been conditioned, Pavlov style, to buy any dip no matter how small?

Ray Dalio’s ‘Pretty Stupid’ People Are The Only Ones With Real Positive Returns In 2018

“If you’re holding cash”…

‘People Were Laughing At Us’ – How One Fund Made 8,600% On ‘Vol-pocalypse Now’

Then they went skiing. 

End of story.

How Much Did CTAs And Risk Parity Sell During The Friday-Monday Bloodbath?

There are lingering questions.

The Psychedelic Swan Moment And Retail’s Volatility Addiction

…that was a 23-standard deviation event. I’m not sure what color swan that is – maybe psychedelic?

Good News! VIX ETP Rebalance Risk Really Isn’t A Problem Anymore!

In that same kind of way where that festering hornets’ nest in your garage isn’t a problem anymore…

Seth Golden Doubles Down After XIV Blowup, Bets $600,000 VIX Will Fall

“I was up until the wee hours, checking my phone to see where VIX futures were trading.”

Cold Turkey: ‘Quitting The Low-Vol. Addiction May Be Painful’, One Bank Warns

“The market’s addiction to low volatility may be even more severe than its addiction to low rates.”