The US VIX or Fear Gauge as its often referred to remains very comfortable implying professional investors aren’t scared just yet and although some would take this as a reverse indicator of complacency MM leans towards a more bullish interpretation – if stocks can wobble as they have through September without the VIX trending higher we believe the implication is investors aren’t too overweight stocks and hence in need of downside protection which by definition is a positive read through.
MM remains bullish equities & risk assets
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