The Real Reason Why Markets Are "Foaming At The Mouth": Nomura Explains

Via Charlie McElligott, cross-asset strategy Managing Director at Nomura,

Across US Equities and Fixed-Income, markets continue to “Trade Like They’re Short” - feeling underowned and grabbing into Upside (hence “bibically” flat Skews with Calls over Puts), buying Spot market dips with Call Skew bid- and / or selling Puts- on selloffs, with participants remaining almost singularly focused on “Fear of a Crash-Up” versus any meaningful concern of a correction lower - and recently, with traders chasing into highly speculative- (Meme coins like “Doge Eat Doge” +4751% in 7 days) and / or previously “bombed-out”- assets (Hang Seng Tech +5.0% overnight) to chase returns.