Syz the moment

With the Nasdaq up more than 13% from the lows, $NVDA at all-time-high, 95% of sell-side analysts with a BUY rating on $NVDA (!) sentiment of AI probably at record optimistic level after Microsoft "aqui-hire" of openai and the $VIX historically low at 13.5, there is indeed room for a short-term pullback... Source: www.investing.com, kakashiii111

And after 105 consecutive days of closing below 20, the longest streak since 2019, the VIX index finally closed above 20 - in fact above 21 - breaking the streak on day 106. Source: www.zerohedge.com, Bloomberg

Source: HolgerZ, Bloomberg

The longest such stretch since October 2018 when, ironically, the market tumbled after the Fed realized it will need to be far more hawkish. Source: www.zerohedge.com

This is likely to add to bond and equity markets volatility. OUR TAKE - This is a big event, at least politically. The House has no Speaker and business can be conducted until a new Speaker is installed. - There is a risk that this is an event for financial markets. The recent rise in bond yields is being driven by a lot of factors and political dysfunction is probably one of them. The US debt servicing cost has hit the inflection point for austerity at the same time basic governing is proving to be impossible. - More bond and equity markets volatility are likely Source: CNBC

VIX has spent 92 sessions below 20, the longest streak since Covid, yet low implied vol regimes can last significantly longer. Source: Goldman Sachs

Source: Equityclock.com, TME

Source: Charlie Bilello