Correlations closed the week at .42.  Not high, still quite low.

We expect them to increase further yet.

VIX against realized is getting stretched again, either it gets more stretched and this sell off is once again an event, or realized volatility will pick up significantly and the ratio will normalize.

The previous event sell-offs have seen backwardation before a bottom, we would fully expect that now as well.

Risk remains skewed to the downside. Thanks and have a good week.