The Melt-Up Keeps Sucking People InThe upside chase keeps pulling investors aggressively into AI, semis, momentum, and upside volatility. At the same time, breadth keeps deteriorating, downside protection is getting abandoned, and several positioning dynamics are quietly building dangerous downside convexity if markets suddenly reverse lower.The melt-up keeps getting more crowded just as downside protection gets cheaper.
The Melt-Up Keeps Sucking People In
SMH 3m ATM vol is now at the 100th percentile!








