Quiet Mania

Zoom in...

...and you will see the SPY volume bar.

Source: Refinitiv

The death of volatility

VIX, VXN and VXTLT are all printing new recent lows, hitting levels not seen in years.

Source: Refinitiv

Computers

CTA have bought around $22bn of global equities last week according to GS and the aggregate long is $169bn. Estimates going forward are rather "dull", and of course the biggest convexity is the downside. See the projections cheat sheet as well as the chart.

Source: GS/TME

Source: GS

Sell low, buy high

CTA behavior lately has been puking lows in panic and then reloading at higher prices. Slightly frustrating, but on the other hand they trade models and do not care about emotions.

Source: GS

In calls we trust...

...and puts are for "suckers". At least that is how call and put skew has traded post the latest bounce.

Source: GS

Aggressive

The divergence between SPY and Trannies (IYT) is getting "aggressively" wide...

Source: Refinitiv

Rates matter...

...for some. Smaller companies still struggling with elevated rates.

Source: MS

Rates matter...

...for rate sensitive purchases.

Source: MS

The buyback beat goes on

1. Another active week on the buyback desk in the middle of open window period with companies able to place discretionary orders in the market. The GS desk volumes last week finished 1.6x vs 2023 ADTV.

2. Active week for new repurchase authorizations. We saw 35 programs authorized this week for $16.2B. (GS PT desk)

ETH open interest mania

This is huge...

Source: Velodata

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