The "Volatility Of Protection" Hits A Record: Goldman's Vol Desk On The Biggest Put Day Ever... And An Nvidia Collar That Aged Badly

Last Thursday, investors bought more puts than on any day in history. By Monday, they were dumping protection at one of the fastest paces ever recorded.

That whiplash is the subject of the latest Vol Views note from Goldman vol trader Robbie Stankard and the bank's derivatives desk (available to pro subs), which lands one week after the midterms blew up the AI trade and catalogs just how strange things have become in what Goldman calls the "volatility of protection". The desk sums up the state of play in one sentence:

55.8 Million Puts