Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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Did AAPL hodlers hear about Apple Volatility (VXAPL) ramping to 50 on 5G yesterday? If you polled 1 MILLION Hoodies who own AAPL, what % of them would know what the vol of vol is, never mind signaling, on AAPL? Apple Vol 50 is a big reason why #NazVol (NASDAQ Volatility) closed at 34.48 yesterday. I could have shorted QQQ yesterday instead of Tech via XLK. But I didn’t because QQQ is the Hedge Fund community’s consensus hedge against FAAMG longs. The other big thing that went alongside Tech (XLK) signaling A) a lower-high vs. its all-time bubble high from back in AUG was B) an implied volatility DISCOUNT of -12% vs. 30-day realized. That’s uber complacent options pricing into earnings events. |
