The Market Ear
May 14, 2026
Downside No Longer Matters
Macro ThematicVolatilityDerivativesEquitiesInformation Technology
Investors are abandoning downside protection at a record pace as they chase upside gains, particularly in the tech sector. Volatility indicators like TDEX and skew are collapsing, suggesting market participants no longer fear a significant correction.
Key Takeaways
- 1.Downside protection and tail-risk hedging are being aggressively repriced lower as investors chase upside exposure.
- 2.The TDEX index and put/call ratios are at multi-year lows, indicating a extreme lack of demand for market hedges.
- 3.A significant divergence is occurring between tech volatility (VXN) and standard market volatility (VIX), with extreme 'spot up, vol up' dynamics in tech.
Table of Contents
- Aggressively hated
- Put puke
- Fading fat tails
- Widening even more
- King of upside vol
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Authors
Author(s)
Securities
VIXVXNTDEXNDXKOSPI
Themes
Collapse of Downside ProtectionTech Volatility DivergenceFat Tail Fading
Regions
North AmericaAsia PacificUnited StatesSouth Korea