With European stocks tumbling (again), Italian bond yields spiking (again), and redenomination risks surging (again), US investors have decided now is the time to dump protection to its lowest level since January…
Europe is imploding again…
And it’s Italy’s fault…
All those $500 million worth of BTPs that Italy’s FinMin bought last week… are now underwater…
All of which means… Sell US vol with both hands and feet…
Oh and ignore the fact that there’s The Fed and the North Korea Summit next week.
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