CHART OF THE DAY: Volatility | 30D RVOL vs IVOL

In our Daily Rise & Grind note (which is an intensive look at the last 24 hours of global economic data), we’ve been highlighting the confirmatory #Quad2 Global Data. Consider some of these recent data points:

• U.S. April CB Consumer Confidence Present Situations Index jumped to 139.9 from its prior reading of 110.1;
• U.K. April CBI Distributive Trades Survey (a survey of 150 retail companies) came in at +20 from its prior reading of -45;
• U.S. March Durable Goods printed at +25.0% Y/Y for March;
• Denmark March Retail Sales +24.2% Y/Y; and
• Japan March Retail sales +5.2% Y/Y versus prior month of -1.5%.

While those data points above may seem cherry picked, I could’ve picked data from literally any of the largest economies and they would tell a similar story of #Quad2 acceleration. (The exception to this is China, which we have in #Quad3 for Q2 and has been showing a rate of change slowdown in economic data.)