Crypto stabilised last week but the vol surface tells a different story vs equities. BTC/ETH put skew is still near 1-year highs with 30-day in 86th/91st percentiles even as spot consolidates.
This is even more evident in risk-reversals which show hedging demand hasn't come off the way it has in stocks. The breakdown in correlation continues to be notable, and any year-end bid will come with a flattening of this extreme skew; driven by put sales and call buying.

Despite Powell pushing back on December rate cut expectations, more tape action is flagged following Trump/Xi trade comments.
As we tick into '26, can assume markets pay less attention to short-dated forward guidance given Powell's term ends in May. Focus will turn to the incoming chair & traders will focus on just how dovish is the dove...

Your daily reminder that markets can stay irrational longer than you can stay solvent.... After Greenspan's infamous 'irrational exuberance' speech in Dec'96, the S&P kept grinding higher over the next three years later to the tune of >100%.
Back then, the FED was openly worried about excessive valuations, yet policy remained supportive enough to allow the bubble to inflate for another three years. Valuation ceases to matter when capital is cheap.

Let thy VIX be the guide...

Wait... AI is the future of France again?

Chinese meta peaks when influences start shilling Duolingo ref links.
Levels to the game

Pod moneys start sweating when the under-priced businesses with real cash-flow & strong moats go bid...

In the history of UK Government petitions, only two have gained more traction than the opposition to Digital IDs.
Privacy taps into a deep human instinct, and resistance shows how sticky the narrative could be....

Markets focused on yields with 30's back towards ~5% in response to inflation worries on the 'run it hot' narrative....
Currently contained but could be a wild-card in the short term. Expect some jawboning from policy makers if jitters really take off

Gold hitting ATH's while quant models advocate being underweight BTC creates a challenging environment for early faders.
These correlation breakdowns can persist longer than anticipated. Whilst you'll look like a hero picking bottoms, the + EV / 'easy' trade is waiting for momentum to return - that's when reflexivity kicks in.