Nomura Exposes "The Ugly Truth", Warns Dip-Buyers "VVIX Never Lies... We Aren't Done Yet"

Via Nomura MD Charlie McElligott,

“VVIX never lies”...

and the ad nauseum talking points being “Perpetual Vol Supply / Short Vol” –trade crowding over the past two years is finally having the “come to Jesus” moment (while VIX complex sees Dealers “Short Calls” getting nuked and stopped-out into covering their Short Gamma / buying back awful amounts of Vega), feeding into the de-grossing moves seen across strategies and risk-premia...