SI389: The Market Is Pinned, But Risk Is Growing ft. Cem Karsan & Alan Dunne

In this episode, Alan Dunne and Cem Karsan explore a market that appears calm on the surface yet increasingly unstable underneath. As indices move sideways, they discuss how options flows and structured products are reshaping market behavior, driving rotation rather than direction. From the weakening of former leaders to the rise of defensives, the conversation turns to what these shifts may signal about a broader topping process. They also examine the growing influence of AI narratives, political incentives, and global tensions, not as isolated shocks but as forces building pressure within the system. The result is a discussion about how markets evolve when structure, policy, and sentiment begin to move out of sync. IT's TRUE 👀 - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here: www.toptradersunplugged.com/Ultimate And you can get a free copy of my latest book "The Many Flavors of Trend Following" here: www.toptradersunplugged.com/book Send your questions to [email protected] Follow Niels & Cem on Twitter: @TopTradersLive & @jam_croissant And please share this episode with a like-minded friend and leave an honest rating & review on iTunes and Spotify so more people can discover the podcast.