'Dead Calm' Before The Storm: Nomura Fears Local "Peak Grabbiness/AI Euphoria" In The Vol Space

The '(Pick your Global Currency) Debasement'–trade remains the move, with more spectacular Gold / Silver / Bitcoin rally, with Yen remaining the big loser since the weekend election surprise in Japan…while “Risk” continues to run wild (AI Winners +2.1% on the day, ARKK +3.6% on day, Most Shorted +9.7% over the past 5 days…more on that further down in today’s email)

By-and-large,