The VIX, which had been mostly stuck above 20, is falling fast - 18 and heading south. Inflation looks like it might be ready for a comeback, but that seems like the furthest thing from traders’ minds.
They’re fixated on the election in a little more than two weeks, and they see risk fading there. I’ll explain what that means in a second.
You wouldn’t necessarily know it by the action today - volume was light despite $5 trillion in options expiring and despite the upside break on the S&P 500.
But this week overall has been really interesting, and sets us up for some big moves in the not-too-distant future. We’ll talk about all that.
Here we go…