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Sell low, buy high

Say hello to put puke

Markets change, but the hedging behavior of the crowd does not change. People continue to buy protection when they must, not when they can. It looks like they are back puking puts, relatively speaking.

Source: Tradingview
Source: GS
Source: Spotgamma
Source: Refinitiv
Source: Refinitiv
Source: Spotgamma
Source: Refinitiv
Source: Refinitiv
Source: Morgan Stanley