Goldman: Hedging Against A Market Crash Is The Cheapest In More Than Five Years

Does it feel like the market is having one of its unhinged meltups, where momentum chasing has disconnected entirely from fundamentals, and everything else? If so, now is your chance to hedge against a crash at the cheapest price in at least five years as the following observations from one of Goldman's top derivatives traders, Brian Garrett, make clear (full note available to pro subs in the usual place):

The first chart below shows the cost of a rolling SPX 1 month 3% OTM put: the current cost is 34 basis points, the lowest level in 5 years.