Although, SPX is 5% higher than 5 months, Volatility is not marking new lows and is trading 4 vol higher.
The volatility is slowly shifting regime or at least the perception of risk is increasing and it shall remain so with steepness increasing if the SPX was to move higher.
The volatility is slowly shifting regime or at least the perception of risk is increasing and it shall remain so with steepness increasing if the SPX was to move higher.
