It's Friday, June the 12th, 2020, just after market closed here on the East Coast in the United States. This is the Real Vision Daily Briefing.

I'm Ed Harrison here in the Washington, D.C. area. I'm going to be joined shortly by

Ralph Powell, who is our co-founder and CEO. But first, the market update by Jack Farley.

Thanks, Ed. Markets were relatively tranquil today, with the price action in European

equities being muted and US stocks inching higher alongside EMFX and commodities.

Meanwhile, the US yield curve showed some bare

steepening. But investors are still reeling from yesterday's massive crash and

they're left wondering was yesterday just folks taking some money off the

table or was the sell-off an omen that the drastic swings of March will

return.

Ed shared a fascinating note from Charlie McEliot of Nemura, who attributed the sell-off to some

turbulent in the volespace.

He noticed that the biggest drawdowns in March are passing the three-month window in hindsight,

and he argued that this induced tactical discretionary traders, as well as some market makers in derivatives to take some money off the table and do some delta hedging because the models that they rely on to target vol have a soft cutoff at the three month mark. So that's the technical factor to keep in mind.

And that's why we saw the Vicks skyrocket higher

and Valla Vall, positively exploded,

reaching the seventh highest Valla Vall, on record.

Migueliette notes that retail traders were hit hard yesterday

with a retail favorites index he created down 16% over Wednesday and Thursday combined.

But the speculative fervor in bankrupt stocks like Hertz continued today, which was up 40% as of the time of this filming.

The bondholders in Hertz capitalized on this speculative fervor, last night announcing that they would offer additional shares of equity.

Remember, they've already declared bankruptcy.

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