VIX of VIX at the 97th %ile — that’s not caution, that’s a market bracing for the hedge to break.

S&P dispersion at the 95th %ile — correlations are cracking, stock-picking is a minefield right now. Skew at the 90th %ile tells you the bid for crash protection is real, not theoretical. Soybeans and wheat both at the 100th %ile — ag complex is screaming something the macro tourists are missing. Kalshi has Nasdaq-100 finishing 2026 between 32,000 and 32,500 at just 4% — the tails are wide open and nobody’s paying for the middle.

S&P dispersion at the 95th %ile — correlations are cracking, stock-picking is a minefield right now.