Fear is spreading across macro, tech, and emerging markets. The uncomfortable part is that this still feels like orderly de-risking rather than outright panic.
Fear Is SpreadingVolatility is no longer confined to a handful of names. Macro risks are returning, tech fear is surging, and emerging market volatility is exploding higher. The bigger question is what happens if orderly de-risking turns into something more disorderly.Macro fear is back
The market isn't panicking lower. It's panicking both ways. Negative gamma, leveraged ETF exposure and growing uncertainty…
Nobody wanted protection. Now everybody does.
The scary part isn't volatility. It's how little it takes to create it. Markets increasingly resemble a giant short-gamma…
Rising yields. Exploding rates vol. Investors still panic-buy MegaCap AI upside calls. Late-90s Nasdaq behavior is back.
...the bigger risk may not be "the market down" – but rather the market finally rewarding something else...
Dealers are forced being to buy rallies and sell dips, increasing volatility. That should serve as a warning. Although markets…
