TTA% 86.1% 98.1% 162.2% VIX 1-month 110 minus 90 skew 20.0% 22.2% 2.2% 39.7% 9.3% 17.9% 20.9% 23.9% 30.3% Source: BofA Merrill Lynch Global Research Bank of America Global Equity Volatility Insights |09 August 2016 9 Merrill Lynch HOUSE_OVERSIGHT_025986 --- PAGE BREAK --- Volatility in Europe Buy the seasonal oil dip via bullish X-market risk