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 5/8/26
As equities extended a nearly uninterrupted five-week rally, the volatility marketplace flagged subtle caution last week with a tentative trend shift in VIX Thrust (relative strength vs a proprietary benchmark) and a cluster of positive VIX/equity correlation days potentially signaling the start of an 'upside chase' via call options that tends to appear near the tail end of sharp rallies like the one since April.
With monthly options expiration this Friday set to strip away the mechanical hedging that can constrain volatility, next week may present a test of whether the recent momentum can sustain itself without this support.
TCM Volatility Dashboard Signals 1/2/24 - 5/8/26. Source: TCM. Click for larger image
Exposure Update for week ended 5/8/26
Tactical Beta and Tactical Q remain near full index exposure with room to add on a pullback that does not meaningfully impact Dashboard signals.
Tactical Beta daily exposure, trailing 100 day as of 5/8/26. Source: TCM. Click for larger image
Tactical Q daily exposure, trailing 100 day as of 5/8/26. Source: TCM. Click for larger image