Risk on/off gauge - 11-11-2025
Today’s cross-asset tape skews risk-on: equity futures and oil are carrying the tone while the dollar, Treasurys and gold struggle to attract meaningful sponsorship. The gauge’s one-day read flags a market more interested in adding risk than hiding in classic hedges. The multi-year history tells the more important story. The current composite is running rich versus its own distribution, drifting toward the upper part of the band where optimism tends to be priced in. That doesn’t demand an immediate reversal, but it does argue for sizing discipline and a willingness to fade euphoria rather than chase it blindly.
