$VIX at 15 tells you complacency is back—market's pricing minimal stress. Meanwhile copper/gold climbing is a classic risk-on signal: copper (growth proxy) outperforming gold (safe haven) means investors are rotating into cyclical exposure.
This combo suggests positioning is getting aggressive. When $VIX is subdued and base metals are ripping, you're usually in the late innings of a risk rally. Watch for any macro surprise that flips this—tariffs, Fed hawkishness, China slowdown—because the unwind could be sharp when everyone's leaning the same way.
This combo suggests positioning is getting aggressive. When $VIX is subdued and base metals are ripping, you're usually in the late innings of a risk rally. Watch for any macro surprise that flips this—tariffs, Fed hawkishness, China slowdown—because the unwind could be sharp when everyone's leaning the same way.