Editor's Note: Below is an excerpt and chart from this morning's Early Look market note.

What we show in the chart of the day is a global macro screen of the most extended moves in skew (top and bottom 10 out of a list of 100+ across equities & FICC). The positive Z-Score readings mean that the price of downside puts are relatively rich and more expensive compared to the price of upside participation via calls. 6 of the top 10 most extended surfaces in global macro right now are tied to major Asian or European equity markets. As a point of process, we typically look for this rich skew as a complement to oversold signals and other proprietary signals although this factor is never considered in isolation (i.e. with risk ranges).

CHART OF THE DAY: Got Skew? The Most Extended Moves - 03.02.18 EL Chart