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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

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the bloomer. Hey we're Silverman joining us now, obviously Capital Markets Equity Derivative

strategist Amy, great to catch up with you.

Are we at risk of trying to justify the unjustifiable looking at this equity market and where it is right now.

That's a question.

You know, honestly, probably a little bit.

What gives me hesitation, especially as an options person is you know we've

seen this phenomenon over and over the summer where the markets go up and volatility goes up too. We refer to that as the spot up slash

ball up dynamic. But you know intuitively you can think of it as when the markets go up the people in the market are getting more

nervous rather than less nervous which is you know it's not the traditional way the

relationship should work and should definitely give investors some pause.

Should our viewers and listeners, Amy, should they ignore the pros in their derivative strategies

right now? You know, it's funny because we look at a lot of data and part of what we've seen as a lot of

data and part of what we've seen as a lot of historical relationships

break down.

And when that happens, you know, you get a lot of exuberance.

So to give you an example, I think part of what has happened is in kind of the last few months, retail has really been right in saying, look, these traditional relationships don't make sense.

You know, you get the volatility up and you get the calls up and the market goes up and that's okay.

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