"Not Hedged Enough To The Downside": Nomura Says VIX Space "Remains Spicy" As Stocks Break Key Technical Support

De-Risking is back on the table as Nomura MD Charlie McElligott points out that (for a change), bonds are trying to work like "Risk Hedges" again, with USTs seeing a bull-steepening on further "Risk-Off" (Equities and Crypto with “real” struggle-sessions the entire month of November at this point), after Labor data this week -