Such a strange environment for the SPX/VIX franchises. I think they come back, but it's not clear how or when. I think March broke/permanently affected the backtests/models for vol selling strategues. Even still, low interest rates should result in flows over time.
An interesting pattern - as the VIX rises, CBOE stock falls despite the perceived higher volumes from volatility. Why? CBOE needs a lower VIX so traders can re-build their hedges at lower prices. In the short term, rising OI beats rising volumes.pic.twitter.com/ATlPtQyAZj
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Well said, and agreed. No compelling short term catalyst on the horizon other than maybe a Biden landslide calming the markets. It’s cheap enough for me to be okay owning at these levels, but dont expect a quick winner.
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Also these portfolio managers are acting like traders. They are just going with momentum and movement. The stock is thin and can get pushed around.
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Are you bullish?
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