Equity rotation seen in skews. Put skew is concentrated in the large-cap cap-weighted indices: $QQQ (+3.64 vols, 81st pctl) $SPX (+3.84 vols, 77th pctl) closed Friday in the top quartile of their past year on 1M 25d put-over-ATM skew $DIA (+1.81 vols, 64th pctl) $IWM (+2.15 vols, 50th pctl) sit lower
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