Powell 'Restruck The Fed Put' Sending Traders "Blindly Back Into The Ol' QE Trade"; Nomura

Surging stocks are at risk of leaving people behind yet-again, warns Nomura's Charlie McElligott, and the recent deleveraging event now sees FOMO taking-over in standard behavioral-finance-fashion, forcing what looks to be an escalation in "Upside Grab" behavior in the Index Options-space...

And now, after Powell’s Jackson Hole speech, a new grab into Upside Calls has (predictably) kicked-off, as this rally has gotten away from so many who were forced to Net Down / Gross Down after the “realized Vol shocks” from the start of the month...