Complacency Is Back… Right On Cue

Complacency Is Back… Right On Cue

Markets are floating at the highs, vol has been crushed, and positioning is leaning the same way again. Nothing looks broken — and that’s exactly the problem.

Under the surface, things are getting a bit too clean. Cross-asset signals are starting to diverge, vol is pressing into its floor, and the market is behaving like risk doesn’t exist. This isn’t a call for a reversal… but it’s typically where the easy part is behind you and the asymmetry flips.