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Sometimes the easiest "strategy" is to look at the most simple chart. SPX vs VIX "tells" one thing, limited upside for SPX, and limited downside for VIX, at least for the short term.
Positioning is rather extreme and it "feels" this market can't go lower. Usually a time something occurs...Delayed Pfizer vaccine is probably not a catalyst itself, but we have other "events" coming up, and the melt up lacks fizz at the moment.
Earlier todaywe showed a few interesting observations on put/call ratio and the crashing skew which is adding to the "all in" narrative, and could be derailing Santa's plans. After all 2020 is nothing like anyone expected...