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Tech troubles and VIX fear lurks

Bear of the bears

The one and only, Albert Edwards: "If I had to warn of one seismic shock for 2024 that would shake investors to their core, it is not whether the US or China does or doesn’t go into recession or if inflation and interest rates are a bit higher or lower than expected. No, the biggest surprise that could send a shockwave through portfolios is the US IT market cap bubble bursting and tipping the entire US market into a slump."

Source: Refinitiv

Tech

Tech sector as a leader

Tech vs the rest

Source: Barclays

The implied bid stays alive

Source: JPM

The liquidity "delta"

Source: MS QDS/Bloomberg

Somebody is nervous

Source: Refinitiv

Pukers are back

Source: Spotgamma

Bulls vs bear

Source: Refinitiv

Rates - that was quick

Source: Refinitiv

Not everything is calm in Japan

Source: Refinitiv