Could This Stress Derail the Equities Bull?

Stressed bonds

Bond volatility, MOVE, closed at the higher levels since December last year. The surge since late September has been spectacular.

Source: Refinitiv

 

Leaving the VIX behind

You know volatility world is very stressed, when even well bid VIX looks like a laggard compared to MOVE.

Source: Refinitiv

 

SPX and MOVE

There is more to SPX than looking at bond volatility only, but the gap between SPX and the MOVE (inverted) is massive. It used to matter...so watch this closely.

Source: Refinitiv