The Bond Debacle
—rising rates
—YCC
—bond volatility
—impact if bonds rally or sell off
The Rotation Game Goes On
—selling was not met with correlation
—tech, financials, energy, Russell
—will correlation grip hold?
—can markets move forward without high correlation and capitulation?
Expansion of Volatility
—vol futures, where’s backwardation?
—VVIX
--Selling Gold, Oil
SPX Expected Move
--last week EM-- 74.11 (95.56 actual move)
--next week-- 124.68 expected move
-Do NOT Step in front of this Move
-Know your aggregate risk and you best be comfortable with it!