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Wake up to VIX +25% - read this before you panic

The Market Ear Picture

It was a long time ago since we woke up with VIX printing +25% in early morning trading. Summer is here, liquidity is shitty and the crowd is feeling a huge p/l pain as consensus trades continue puking as the recovery seems to have suddenly died.

The US 10 year yield continues falling, currently at 1.26%. The trend line is broken, we are approaching the 200 day moving average and RSI has not been this oversold since March 2020, but recall yields have a slight mean reverting aspect to consider.

The crowd remains confused. JPM writes today: