"US equities refuse to price any panic (GS panic index closed sub-1 on friday) despite sentiment at the lows (GS sentiment indicator -0.9 … AAIIBEAR ~50 … 70% of spx stocks are trading below the 50dma .. etc) … other risk barometers, namely bond vol (MOVE) and CDX also registeri
Why now
Thesis: Divergence between equity calm and credit fear
Catalyst to watch: VIX spike or credit spread widening
Main risk: Complacency resolves without a selloff
Why it matters
Equities ignoring panic while bond vol and credit signal fear suggests complacency risk.
Details
"US equities refuse to price any panic (GS panic index closed sub-1 on friday) despite sentiment at the lows (GS sentiment indicator -0.9 … AAIIBEAR ~50 … 70% of spx stocks are trading below the 50dma .. etc) … other risk barometers, namely bond vol (MOVE) and CDX also registering peak fear (~100th percentile) while VIX trades in the low teens" GS Brian Garrett
Related assets & topics
Goldman Sachs · GSVIX Volatility Index · ^VIXMOVE Bond Volatility Index · MOVESources
- x · 2026-09-28 03:21 UTC