SPLG - Unprecedented VIX Collapse Healthcare Data Mean Market Turmoil Is Likely Over

• Developments in healthcare data have been largely positive, this seems to be more positive than general perception.
• Progress on vaccinations is occurring slowly but surely and the path to economic normalization can be seen by markets.
• We believe we saw the height of VIX backwardation last Friday and this was likely near-term market bottom. VIX has had largest 3 day collapse EVER.
• We think the market de-grossing event has paved the way for a move higher over the next months.
• We analyze risks to our thesis occurring.

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