It makes very much sense. NVX goes up when the markets go up on...

It makes very much sense. NVX goes up when the markets go up on the basis of actual or assumed market loosening, i.e. not fundamental reasons. This has been the case for the past few days and this was the entire scenario of 2020-2021. There is some evidence that the central banksters might be pivoting, but we are far from certain that this will actually happen. In any case, markets moving based on the hopes of market loosening is absolutely dysfunctional and has no fundamental foundation.

That being said, NVX drops on the basis of actual or assumed market tightening. HOWEVER, it also drops when there is no evidence of tightening, but there is also no signs of loosening that would support it. In other words, since there are no fundamentals to support NVX, it will continue to move lower as long as the market sentiment of or actual market loosening is not supporting it.