S&P 500 rose after an initial consolidation, and its advance was broad based. Modest dollar weakness accompanied by a daily increase in yields powered value and tech alike as the pendulum swang to risk-on again. VIX indeed had trouble rising, and the volatility metric has decidedly cooled down for now. These September storms seem quite tame, compared to last year or before. Q2 2021 hedge fund letters, conferences and more Commodities though remain on a tear – base metals, energy, and finally to be joined by agriculture. Oil resolved the two day consolidation with an upswing, and didn‘t dink on…

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