The rotation in stocks over the past month has been violent. Nvidia is a good example, losing nearly $1.5 trillion of market value since Oct. 6 while the equal weight S&P 500 gained 4% in the same period. The churn shows either incredible resilience or lack of true capitulation.
Equity rotation seen in skews.
Put skew is concentrated in the large-cap cap-weighted indices:
$QQQ (+3.64 vols, 81st pctl)
$SPX (+3.84 vols, 77th pctl) closed Friday in the top quartile of their past year on 1M 25d put-over-ATM skew
$DIA (+1.81 vols, 64th pctl)
$IWM (+2.15 vols, 50th pctl) sit lower
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@ripster47 | @tenet_research | @TenetCharts