Protection - time to start planning...

SPX continues to realize low volatility as market grinds higher. We have seen some poor px action in other markets, such as Europe, some EM stuff, but for now SPX and NASDAQ simply do not care as there is no strong global narrative at the moment.

US is preparing for July 4th, Europeans are busy watching soccer and Asia preparing for the Olympics. Add to this summer vacations, so why should you even think about hedging?

Regular readers of TME know our stance on volatility and protection;