"Our US Vol Panic Index is still a sub 2/10"

1. Bond maths vs. SPX. "The $40tn US debt problem is not at bond-shock territory yet: 5% UST yields still reflect nominal growth, but a rapid move to 6% alongside $150 oil could trigger a micro credit event."

2. Non-dealers vs. SPX futures. "CFTC data (through Sep 29th) shows that non-dealers have sold SPX futures for five of the last six weeks. Over that timeframe, they have sold -$68bn worth of futures. That marks one of the most aggressive bouts of selling on record."

3. Vol Panic Index. "We have yet to see the uncertainty and extreme cross-asset volatility spill over into the equity vol market. Our US Vol Panic Index is still a sub 2/10."

4. Sector relative performance. “Notice how many lines are at or very closer to multi-month lows ... It continues to be a tech dominated market and will remain so until the market begins to 'care' about anything else.”

5. Tech vs. ex-Tech. "It's not just that the two sides are moving apart - they're moving apart more aggressively than at any point since this bull market began."

ICYMI