We’re looking at a market that’s decided risk just doesn’t exist. None. Zip. Nada.
The VIX is parked while the S&P’s swinging 70 points intraday like it’s nothing. That’s a market in denial. It’s comatose.
Volatility, or rather the weird lack of it, tells me we’re brushing up against peak complacency. Retail’s still buying every dip like it’s going out of style, the algos are buying tech, and nobody’s bothering to hedge. Why would they?
Everything only goes up, right?
But here’s the thing: volatility doesn’t die—it just naps. And when it wakes up from a long nap like this, it doesn’t stretch. It blows up.
It’s all being held up by three names. Count ’em: Nvidia, Apple, Amazon. One twitch in any of those and the beast is going to wake up angry.
Tonight let’s look at what the hell is going on here, and how we can clean up no matter what the next move is…