Don’t get comfortable with the global stock rally today: Goldman’s Panic Index is approaching ‘max fear’

S&P 500 futures were flat this morning after the index closed up strongly on Friday by 1.97%. Markets in Asia and Europe were strongly up this morning. The STOXX Europe 600 was up 0.27% in early trading; Japan’s Nikkei 225 was up 3.89%; and South Korea’s KOSPI was up 4.1%. Even gold is now back above $5,000.

It would be nice to think that this is the start of a sustained global rally in equities.

But don’t get too comfortable: The S&P has been a rollercoaster all year and...