Puts comeback, mega-cap crowding concerns...but buybacks are kicking in soon

Keeping it simple

The February déjà vu playing out...?

Source: Refinitiv

Puts are back

Source: Tradingview

Crowding mania

Source: JPM

THE mighty superlatives

Source: JPM

Buybacks: With a little help from MAGA friends...

Source: Goldman

The buyback "delta"

Source: Barclays

The CB delta

Source: TS Lombard

If low volatility for longer...

Source: Barclays