Asymmetry

Taking a look a the S&P 500 versus the Vix, which is a measure of expected volatility that incorporates the buying and selling of out-of-the-money puts and calls – I’m overgeneralizing but it’s a look at how much hedging is going on in the options market. Anyway, the S&P 500 (lower pane) has regained what it lost since February. But the Vix remains substantially elevated, After hitting a high of...

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