MOVE more important than VIX

Rising bond-market volatility (MOVE), not falling equity volatility (VIX), is the signal to watch as yields hit cycle highs.

• MOVE over VIX: John Hardy says bond-market volatility (MOVE index) rising while equity vol (VIX) falls is the more important signal for markets right now.
• Equity divergence widens: Friday saw equal-weight S&P 500 and Russell 2000 down ~0.5% while momentum/AI names (SanDisk, optical interconnect stocks) led gains; futures up ~300 points Monday as yields and oil pulled back.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.