Brent Kochuba of SpotGamma makes a subtle point about what higher rates have actually done to the market. They have not shifted equity volatility at all. What they changed is behavior: call buying has contracted sharply, as bullish traders simply backed off upside bets rather than flipping to the downside. The result is a market still holding real right-tail risk, with realized vol to the upside running higher than to the downside, which is not how a market about to roll over behaves. His read: the upside thrust is there and waiting, it just needs the macro data to cool, like Friday's jobs reaction. Views are Brent's own. Education, not a recommendation.
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