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Temperatures have dropped sharply and are projected to stay low for weeks to come.
Below chart (1) from GS reinforces the possible US lockdown scenario becoming an even stronger narrative, especially as Thanksgiving will most likely be a big super spreader event, to be added to the cold weather model projections.
As GS writes expect;
1, sharp pick up in cases from 170k daily to 350k daily cases by Dec 5
2, lockdown measures must be firmed up
3, markets are under appreciating harsh US lockdowns over coming few weeks
People have sold volatility and other related protection to lowest levels since Corona. Why not pick up some cheap(er) protection/volatility in case the cold weather and Thanksgiving bring back the US lock down narrative?
After all, VIX closed at lowest since the Corona crisis started (chart 2).