The S&P 500 is no longer telling the story of “global markets”, warns Goldman Sachs trader Brian Garrett in a brief note to clients over the weekend.
Furthermore, he adds that with concentration levels where they are, it’s hard to tell when (or if?) it will again...
In the following charts, Garrett highlights that dramatic decoupling between US (realized and implied vols) compared to the rest of the world's marksts...
