Introducing the Vol Dash by TCM, a weekly update on markets and positioning through the lens of TCM’s Volatility Dashboard.
Vol Dash for week ended 4/2/26
The S&P 500 continued its Iran headline-driven action last week, managing a modest rally into quarter end and the new month. Stocks and volatility seem to be stuck in a tenuous equilibrium, caught in the headline tug of war between the US and Iran.
Increasingly, Middle East conflict headlines seem to have waned as the main market risk and in our opinion, the downside risk to equities is more likely come from the economic damage of energy shortages. The longer that the Straight of Hormuz is effectively closed, the larger that uncertainty grows.
TCM Volatility Dashboard Signals 1/2/24 - 4/2/26. Source: TCM. Click for larger image
Exposure Update for week ended 4/2/26
Tactical Beta and Tactical Q exposure continues to mirror Dashboard signals that have been near crisis territory for several weeks. Positioning in both strategies remains modestly defensive using a combination of short index and long VIX hedges while seeking to crystalize any relative performance with tactical exposure adjustments.
Tactical Beta daily exposure, trailing 100 day as of 4/2/26. Source: TCM. Click for larger image
Tactical Q daily exposure, trailing 100 day as of 4/2/26. Source: TCM. Click for larger image