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Stock Volatility Isn't Dead. It's Just Got Freakish and Extreme

  • HSBC, Goldman Sachs warn on vol-of-vol risk amid illiquidity
  • Fast-money traders vulnerable to episodic swings in prices
A ferry moves along the Hudson River in Hoboken, New Jersey.
Photographer: Michael Nagle/Bloomberg

Beneath the calm in global stocks lies a brittle market prone to violent spasms.

As central banks snuff out market fears for now and the brewing melt-up banishes memories of last year’s meltdown, the threat of brief but extreme price swings looms over fast-money traders.