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Happy days

No AI... no upside volatility chasing

US is king of AI. Note the difference in upside volatility between SPX and SX5E.

Source: GS

Ex-out Big Tech and we are not even expensive

Source: Barclays

Exclude the top 50...

Source: BofA

Irony

Source: Refinitiv

Happy days

Source: Refinitiv

Last time VIX was here

Source: Refinitiv

Soggy Europe

Source: Refinitiv

Cyclical hate

Source: Morgan Stanley

Bear markets we remember

Source: Ophir/Mike Zaccardi

Massively bullish bulls and evaporating bears

Source: Refinitiv