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 5/22/26
In an impressive show of resilience, the S&P 500 shook off modest declines on Monday and Tuesday to notch its 8th consecutive weekly gain last week as AI mania once again overshadowed spiking interest rates.
After an unsettling jump since the end of March, further interest rate volatility could become a significant choke point for assets while any reprieve would allow the market to refocus on strong corporate fundamentals. Especially in this context, we believe the VIX and corporate credit spreads continue to be the best indicators of a change in risk.
TCM Volatility Dashboard Signals 1/2/24 - 5/22/26. Source: TCM. Click for larger image
Exposure Update for week ended 5/22/26
After modest VIX reaction to the week's early declines, Tactical Beta and Tactical Q closed initial VIX hedges that were added late last week.
Tactical Beta daily exposure, trailing 100 day as of 5/22/26. Source: TCM. Click for larger image
Tactical Q daily exposure, trailing 100 day as of 5/22/26. Source: TCM. Click for larger image