Equities moved more than anything else. Momentum factor swung from -14.4% to -3.6% on the month, its biggest move since July 7. RSP vs S&P, 200-day went from 0.03 to -0.00. Sector rotation velocity went from 7.53 to 1.89. Forward EPS went from 288 to 304. Five of its nine groups moved at once. A third straight session at the top.
8.5× its usual move
Momentum factor swung from -14.4% to -3.6% on the month, its biggest move since July 7. Low-vol factor moved from +3.9% to -1.5%.
7.6× its usual move
Sector rotation velocity went from 7.53 to 1.89, its biggest move since March 2025. Sector dispersion went from 0.04 to 0.02.
5.4× its usual move
Forward EPS went from 288 to 304, its biggest move since March 2. Forward EPS revisions went from 0.02 to 0.06.
5.0× its usual move
RSP vs S&P, 200-day went from 0.03 to -0.00, 5.0 times its normal pace. Equal-weight vs cap-weight S&P went from 0.30 to 0.29.
4.2× its usual move
Implied minus realized vol went from 10.25 to 1.95, its biggest move since April 14. VIX moved from +245.0% to -69.0%.