Commodity Market Positioning - What's the Short Term Headwind?

I think there's this interesting dynamic that I'd like to highlight where, you know, vol itself on the index level has compressed volatility this year on the equity index side. And with the liquidation and the tech names, that's meant structurally that there's had to be demand for somewhere else in the market which is really flown into the commodity space. The more that vol becomes unpended the index level and correlations go to one. If we do see a second leg down, I'm afraid structurally that commodities might actually be harder hit than people expect because that's where people are hiding, if you will.

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