Macro Volatility Digest

Retail call buying in mega-cap technology stocks has surged to 2021-era extremes, driving a wedge between muted index volatility and elevated single-stock volatility. Meanwhile, cross-asset correlations are shifting, with gold trading as a risk asset and oil volatility remaining historically rich.

Key Takeaways

• 1.Retail call buying in 10 mega-cap Tech stocks (MGTN Index) has surged to 52% of all opening activity, the highest level since the 2021 meme-stock era.
• 2.There is a massive divergence between index volatility and single stock volatility due to extreme performance concentration in the Tech sector.
• 3.Gold is increasingly trading like a risk asset, with its correlation to equities reaching a 1-year high of 83%.

Table of Contents

• Weekly Market Commentary
• Cross-Asset Volatility Monitor
• Cross-Asset Volatility Snapshot (10Y Lookback)
• Cross-Asset Correlation Matrix (1M)
• Cross-Asset Correlation Analysis
• Macro Equity Volatility
• VIX Index Volatility
• US Index Volatility
• Cboe Derivatives Market Intelligence

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