The seasonal surge in volatility has arrived right on schedule. It’s common for July to be quiet and realized vol heads into the toilet, then implieds follow and become juicily attractive towards the end of the month. That’s the pattern this year too, so far. That said, this week was the Super Bowl of economic events with something yuge on the calendar each day and next week is more like preseason Browns/Jets. The hilariously fickle markets were again hilariously fickle this week as we had some hot US data and a hawkish Fed followed by some softish payrolls data that stepped on the tail of a cat named Two-Years. The ... (full story)