Charlie McElligott
speaker
507 appearances
2 recordings
1 series
first heard Mar 2025
last heard Jul 2025
Charlie McElligott’s voice in public audio — every appearance, attributed to the second.
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Appearances
And, you know, like August fifth, August 2nd, August 5th last year were a really interesting experiment.
Cause August 2nd, we finally got that first glimpse at what our market will eventually do this time again, huge var event.
Inf you know, within the fixed income space certainly.
Um, and then trickled down into all asset classes from there.
It was the first time that labor it looked like labor was cracking.
Um and we had that, you know, four Z-score miss and the U rate and two and a half Z score miss and and the non-farm payroll print.
And that was after a week of already soft labor data.
And that was the holy sh moment.
Once the consumer goes, this whole you know economic miracle goes.
And what that then created was this um, you know, was this massive dynamic where at the end of that day, everybody said, Okay.
Risk is dicey right now.
There's gonna be a lot of deleveraging off the back of this realized volatility shock.
I want to go home short delta, like short the market, but I don't be short vol because vol squeezed, vol exploded that day.
That was both clients and options dealers.
The problem was because of all these second-order impacts and deleveraging impacts and um was that Nikkei on Sunday night opened down 12%.
So that short vol position was going to be so smart because we always reflexively sell that, you know, and you've got to monetize your hedges in like two hours before people start leaning in.
All that vol supply, the back test says the higher vol goes, the more I have to sell.
And that's that sell the vol rip by the by the dip.
Well, those people got their arms blown off, you know, by eight in the morning.
And that was the famous like VIX index.
Showing 81–100 of 507 · page 5 of 26
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