Wearin' out things that nobody wears
--Aerosmith
Nice review of measures of risk appetite and complacency. Many gauges are marking extremes--risk appetite and complency are high.
Complency measures like the VIX are not good timing mechanisms. But they reflect springs coiling tighter in advance of major trend reversal.
position in SPX
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Never think that lack of variability is stability. Don't confuse lack of volatility with stability, ever.
~Nassim Nicholas Taleb
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