Correlations closed the week .42, in neutral, low territory on a 15 year lookback basis.

Vix compared to realized volatility is high, but not warning high especially when compared prints in the past year.

contango remains steep, not the ideal time to go long volatility.

Evidence we track is not suggesting probabilistic major downside over the short to intermediate term time frame.  But we will be monitoring closely for changes in the evidence.

Thanks and have a great week.