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 4/10/26
As equities rallied on news of peace talks in Iran, VIX futures prices returned to their typical upward slope (aka "contango") last week though at levels that signaled expectations of a higher floor for volatility for the time being (see VIX curves chart below).
With Iran potentially past its most acute phase, markets must now contend with the pre-war issue of AI "creative destruction" rippling through private credit with the complication of a new inflationary impulse created by last month's oil price shock. In this context, this week's earnings season kickoff may carry extra weight.
TCM Volatility Dashboard Signals 1/2/24 - 4/10/26. Source: TCM. Click for larger image
VIX futures curve, 2/10/26 vs 4/10/26. Source: vixcentral.com. Click for larger image
Exposure Update for week ended 4/10/26
Though exposure increased last week in line with the normalization in VIX signals, Tactical Beta and Tactical Q portfolios remained modestly defensive into the weekend.
Tactical Beta daily exposure, trailing 100 day as of 4/10/26. Source: TCM. Click for larger image
Tactical Q daily exposure, trailing 100 day as of 4/10/26. Source: TCM. Click for larger image