Something Feels Different

Current Thoughts on the Market

Good Afternoon,

I came back from Barbados expecting chaos, a market that had gone parabolic, sentiment stretched. Instead, I walked into a market full of confusion. The same funds that swore they’d de-gross are back, adding risk in the same sectors they complained about two days ago. And sure, something feels different. Not louder but quieter. Believe it or not, markets do not just go up in straight lines, yet everyone is still talking about this week’s “wobble,” and VIX is already UNCH on the week and index is down 50bps on the week as I write this.

None of this feels euphoric. If anything, this week’s wobble feels mechanical… almost like the market exhaled, people adjusted a few basis points of leverage, and carried on.

But here’s what’s changed… For starters, the numbers don’t match the narrative, and that’s exactly where the edge is.