'Up First, Then Down': Nomura Strategist Sees Layoffs, Length, & Leverage Not At 'Crash Conditions' Yet...

The “Trump Collar” has both simultaneously contributed to the recent compression in realized Vol (and beaucoup ATM Vol supply), and yet, as Nomura cross asset stratgeist Charlie McElligott notes, it is also building the risk for “Wingier” outcomes within Equities