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You cannot keep a good bull down

Front-running Friday

July is historically the best month for stocks and also with a very good short-term track record (up 9 out of last 10 Julys). Miss Market today is saying that she cannot wait for the big rebalancing ($26bn of selling) and the massive long gamma expiration on Friday.

The Almighty US Consumer

Reasons that make her continue to spend spend spend....

Low point for VIX is typically July

Source: BofA Quant

Correlations could actually go lower

Source: BofA

FX volatility is dead

Source: Deutsche Bank

VIX lower for longer?

Source: JPM cross-asset

Once the rate cuts begin...

Source: Goldman

This indicator actually used to work...

Source: Morgan Stanley
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