Week 29: Earnings Season Lifts Off & Tech Stumbles
A quieter macro backdrop gave way to late-week selling in technology — but strong earnings from banks and a resilient vol structure kept three portfolios close to the index while one stood apart. →
Week 25: Volatility Normalises
A week of falling volatility and flattening term structures rewarded systematic positioning — but tactical gamma trades faced headwinds.
Weekly Summary
This week marked a stark contrast to the previous fortnight's spike in volatility. After last week's sharp selloff in equities and the VIX surge to 21.51, markets found their footing early in the week. The S&P 500 recovered modestly, whilst the Nasdaq's rebound proved more decisive. More telling than raw index performance was the shift in the volatility regime: the VIX compressed from 21.51 to 17.68 over five trading days — a 15% decline that reflects a genuine risk-off reversal rather than a mere positioning unwind.
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