VIX 8th %ile, Nasdaq vol 2nd %ile, VVIX 10th %ile. Vol is priced for a coma.

Corn $CORN 100th %ile, copper $COPPER 94th, $XLE 100th. Commodities are not buying the calm. British pound $POUND_FX 100th %ile. That’s a crowded FX leg if the vol bid returns. Kalshi gives KXNASDAQ100Y 4% odds Nasdaq ends Dec between 32000 and 32499.99. That’s zero respect for a vol expansion. So what? The issue is broad complacency sitting on top of stretched real assets. Mean reversion gets ugly fast. Watch: $6A_F $ES_F $LQD $SPY $VVIX $VXN

Corn $CORN 100th %ile, copper $COPPER 94th, $XLE 100th. Commodities are not buying the calm.