Equities Looks Past the War; But Commodities, Bonds, and History Don’t: An Interesting Parallel Emerges

Stocks pushed higher alongside Oil, with VVIX and Nasdaq volatility both rising (while the VIX has behaved better since expiration). The same strong speculative, risk-on sentiment remains firmly in place, though the orderly correlations are starting to come apart. Participation was nowhere near as broad (see S&P sectors), evident not only in the benchmark S&P-500…