Market Notes2 min read
Vol is cheap and nobody is scared
Implied volatility is the one series in this business that reliably reverts. When it is cheap and the tape is calm, the structure of the trade should change before the thesis does.
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Market Notes
The daily read: breadth, volatility, and where the tape is stretched far enough to be interesting.
2posts
Market Notes2 min read
Breadth is narrowing while the index isn't
The index sits near its highs and the average stock inside it does not. That gap is where reversion candidates come from — and it is also how you get run over.