Author: Michael Kramer

Market Complacency Nearing Extreme Levels

The S&P 500 rebounded on Friday following Thursday’s chaotic trading session. Friday’s rally appeared mostly mechanical, driven by volatility levels resetting after the jobs report. As volatility settled down, the cash market effectively stalled out. Oddly, many unusual dynamics are unfolding in the volatility space, particularly concerning correlations and the substantial gap between realized and …

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