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Welcome to upside down

Upside down volatility

SPX and VIX spot tend to move with a negative correlation, but lately things have been rather extreme. GS derivatives team writes: " 10 day realized correlation is +0.61 (positive) … this is in sharp contrast to the average realized correlation over the past 30 years, which stands at -0.78 (negative)." This is not your normal vol environment.

Source: GS

The fed "delta"

Source: Refinitiv

Giving up on the recession...just in time...

Source: Soc Gen/Downunder daily

Bank lending crashing

Source: Soc Gen

Hikes vs cuts

Source: BofA

That Mega-cap Tech premium

Source: FactSet

Puking tech

Source: BofA

A softer inflow picture

Source: EPFR