Editor's Note: Below is an excerpt and chart from this morning's Early Look. It was written by macro analyst Ben Ryan.

We’ve been asked what we make of the +25% w/w move in VXN, and the most elevated volatility surface in the QQQs since Trump came into office…As we show in the Chart of the Day implied dispersion has widened out in January in the information technology sector, but XLK tacked on another +142 bps of relative performance vs. SPY. Our response would be that this wide dispersion has been in place since the beginning of Q217 in many forms, and it’s one of many key factors we model & map to tell us if “this is the big one [market correction]” or if this is another correction within a BULLISH trend that we want to ride.     

CHART OF THE DAY: Is This The Big One? - 02.01.18 EL Chart