- The net position of investment products that track the CBOE Volatility Index — or VIX — has slipped into short territory for just the second time in history.
- Goldman Sachs is worried about what might happen to the market if a spike in volatility ever causes this trade to unwind.
- The situation is arguably more dire than the last time traders were net short, because the stock market has gone that much longer without a major reckoning.
Despite repeated warnings of a painful reckoning, traders can’t seem to wean themselves off one of the market’s riskiest investment strategies.
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