The US Fear Index (VIX) is challenging the psychological 20 area, overnight it spiked above 21 as US stocks plumbed their lows for the session painting a clear picture of the path of least resistance if equities do indeed endure a correction, our preferred scenario. At this stage our best guess is the VIX will retest the 30 area if stocks do experience a classic May / June pullback.
MM remains bullish volatility at current levels
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