Users: Tim Knight: 06268de8644a2b9b1ab9887922644be5.png (1602×813)
06268de8644a2b9b1ab9887922644be5.png (1602×813)
The melt-up has caused downside protection to collapse in relative volatility terms. Bullish or bearish, hedging downside exposure now looks relatively cheap, both from an outright volatility perspective and from a skew perspective.