Market's 'General Dynamic' Looks Like "Potential Blow-Off-Top"; Nomura Warns

So... was yesterday's action in equity spot and volatility markets an indication of a 'blow-off-top'?

The short-answer, from Nomura's Charlie McElligott, is - yes... but don't sell quite yet.

Equities Index Vol space yet-again goes 'Spot Up, Vol Up' on the post NVDA market “force-in” and breakout to fresh ATH in US Index...