How VIX expiration dealer positioning likely capped the VIX near 20, and what three-month SPX put skew suggests about hedging demand into earnings.
VIX expiration
The AI Trade Roars — But for How Long?
Last week, strong earnings pushed both the S&P 500 and Nasdaq to — once again — achieve all-time highs. Through the fast and furious AI-driven rally of the past 6 weeks, SPX has climbed 15% while NDX has surged 28%. The market’s pace of advance is well beyond historical norms, reflecting an exceptionally aggressive repositioning […]