Gold vol 62nd %ile, MOVE 79th. Stress is showing up in rates, not metals. That divergence is the tell.

SPX dispersion 5th %ile. Equities pricing zero turbulence. Dangerous. Corn 100th, soybeans 95th. Ag complex screaming—supply fear, not noise. Euro 98th, pound 100th, SHY 100th. Dollar crushed, front-end bid. That’s dovish shock or risk-off. The issue is stocks are the last complacent corner. If MOVE and ag are right, SPX dispersion mean reverts hard. Watch: $HO_F $HSIL $SI_F $SOL $VIX $ZW_F

SPX dispersion 5th %ile. Equities pricing zero turbulence. Dangerous.