Macro Theme: Key dates ahead: 4/30: Earnings: META, MSFT 5/1: ISM 5/2: NFP 4/25: <=25 delta 1-month S&P500 puts/put spreads make sense on a risk/reward basis given ATM IV in SPX is ~25%, which is at or below short term realized vol. This is not a call for a...

Macro Theme: Key dates ahead: 4/24: Durable Goods, Jobless Claims, Earnings: INTC, GOOGL, AAL, PG, FCX 4/30: Earnings: META, MSFT 5/1: ISM 5/2: NFP 4/24 Update: The upside ~5,450 range was tested on 4/23, and rejected. We are now shifting max resistance to >=5,500,...

Macro Theme: Key dates ahead: 4/23: New Homes Sales, Earnings: BA, CMG, VRT, LVS, IBM 4/24: Durable Goods, Jobless Claims, Earnings: INTC, GOOGL, AAL, PG, FCX 4/23: ES futures were up +2.5% pushing the SPX into our target resistance zone of 5,400 - 5,500. As such, we...

Macro Theme: Key dates ahead: 4/22: Earnings: TSLA, MMM, LMT, PHM 4/23: New Homes Sales, Earnings: BA, CMG, VRT, LVS, IBM 4/24: Durable Goods, Jobless Claims, Earnings: INTC, GOOGL, AAL, PG, FCX 4/21: In addition to the 4/17 view(below), we will this week look to...

Macro Theme: Key dates ahead: 4/17: Jobs + OPEX 4/17: With the SPX near 5,300, we do not have strong conviction. Into SPX rallies >=5,400, we would look to re-engage in short call strategies. To the downside, first support is at 5,000, with more material support at...

Macro Theme: Key dates ahead: 4/16: VIX Exp 4/17: Jobs + OPEX 4/15: Wed 4/16 VIX Exp may mark a short term high in equity markets, as large VIX calls expire, and equity OPEX has become quite neutral in terms of put vs call positioning. 4/14: Fixed risk short...

Macro Theme: Key dates ahead: 4/16: VIX Exp 4/17: Jobs + OPEX 4/14: Fixed risk short volatility trades make sense to us this week, as realized volatility should come in, which allows implied volatility to come in. Further, Thursday's OPEX adds supportive flows due to...

Macro Theme: Key dates ahead: 4/17: Jobs + OPEX 4/14: Fixed risk short volatility trades make sense to us this week, as realized volatility should come in, which allows implied volatility to come in. Further, Thursday's OPEX adds supportive flows due to put decay....

Macro Theme: Key dates ahead: 4/11: PPI 4/11: We are still looking to put positions on with respect to the 4/10 and 4/7 updates. Further, per our Friday AM note, we see a pickup in positive dealer gamma from ~4,500-4,800 and from 5,450 to 5,850. These are indeed wide...

Macro Theme: Key dates ahead: 4/10: CPI 4/10: Post tariff-pause, we look to sell put flies or ratio puts in the index and/or select single stocks. We will wait for bouts of weakness to initiate these positions, focusing on ~1-2 months to expiration. This trade...

Macro Theme: Key dates ahead: 4/9: FOMC Mins 4/7: Into record high IV/VIX levels, we are looking at ways to play volatility contraction over the next 1-2 weeks via +2 month call spreads and/or flies, with a possible rally "resistance free" into the 5,400 zone. Such a...

Macro Theme: Key dates ahead: 4/9: FOMC Mins 4/7: Into record high IV/VIX levels, we are looking at ways to play volatility contraction over the next 1-2 weeks via +2 month call spreads and/or flies, with a possible rally "resistance free" into the 5,400 zone. Such a...