Something "Unprecedented" Is Taking Place Below The Market's Calm Surface

Two weeks ago, we were among the first to point out something remarkable: at a time when retail leverage (upon even more leverage, thanks to options) was already at nosebleed levels, as demonstrated by the following chart of levered/inverse ETF AUM hovering at around $200 billion, and representing roughly $400 billion in net exposure (the product of ETF AUM and leverage ratio)...