Higher Floor, No Fuel: Why McElligott Thinks Vol Stays Elevated But Can't Explode

Six days ago, the VIX was up 50% before lunch.

Today, with the S&P up 1.5% at its highs and Nasdaq futures ripping 2.9% as CoreWeave, Anthropic and OpenAI headlines revived the battered AI trade, Nomura's cross-asset guru Charlie McElligott is out with a note titled "NOTICING" (available to pro subs) which makes two claims that sound like they shouldn't fit in the same email: volatility is going to stay higher for longer, and volatility can't squeeze.

The Floor Just Moved To 18