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The Market Ear does ludicrous speed.
Unprecedented
The flattening in put call skew over the past 2 weeks is unique. We haven’t seen this type of “inverse” panic in more than a decade. The crowd is mostly scared about missing the upside. Chart shows 15 day change in SPX 1 month normalized put call skew.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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