Boredom persists, but downside convexity is back

Boring is king

NASDAQ continues trading the incredibly boring range in April. We have basically seen a 2.5% max move from low to high so far in April.

Source: Refinitiv

Don't brag you trade NASDAQ

Source: Refinitiv

...but downside convexity is back

Source: GS

Bitcoin - did they get excited at highs?

Source: JPM

NAAIM double

Source: NAAIM

Rates expectation have repriced

Source: Morgan Stanley

Source: Morgan Stanley

Gamma "imbalance" reminder

Source: JPM

Never underestimate the VVIX

Source: Refinitiv