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Tech love and equity inflows upend VIX

The Market Ear Picture

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So far the SPX is doing just what is was supposed to do, with one big over, and one big undershoot. Note we have just "caught up"...

Source: GS

 

Inflows

We have just seen the biggest 2 week inflow to equity funds since February 2022.

Source: BofA

 

Loving tech

Investors continue adding to tech funds.

Source: BofA

 

In Mag 7 they trust

Weight of mega cap names in hedge fund long books has basically doubled this year. Never bet against the Mag stuff, or?

Source: GS

 

Far from Black Friday sale

NVDA continues lagging. Nothing huge, but can this market hold here given the biggest "sentimentor" continues fading?

Source: Refinitiv

 

Inverse panic

Chasing stocks and puking downside protection (skew down) has been the story over the past month. Low skew isn't necessarily telling you the market must reverse, but note previous occasions over the past months where skew has reset sharply lower has led to the SPX taking a pause/reversing lower.

Source: Refinitiv

 

6.66

The VVIX vs VIX ratio has exploded to the upside in November and closed at 6.66 today.

Source: Refinitiv

 

ATH

The MOVE vs VIX ratio at all time highs.

Source: Refinitiv

 

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