CHART OF THE DAY: Too Far Over The Ski Tips?

...That’s interesting obviously… because 2 of the causal factors that drove US Equity Volatility were:

1. USD signaling immediate-term #oversold during Davos week while running a 93% 30-day inverse correlation to SP500
2. Rates (both 2s and 10s) ramped to immediate-term #overbought on the US Wage Inflation #acceleration on Friday

You also had the NET LONG position in S&P500 Index + E-minis (futures & options contracts) hit its highest level in 2 years last week at +187,698 contracts (as of last Tuesday’s close). That scored +1.73x on a 1-year z-score.