Macro Theme: Key dates ahead: 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: Update 6/16: 5,900 is likely support in through 6/30 even with a negative FOMC reaction. Given that, we are now giving edge to...

Macro Theme: Key dates ahead: 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: Update 6/16: 5,900 is likely support in through 6/30 even with a negative FOMC reaction. Given that, we are now giving edge to...

Macro Theme: Key dates ahead: 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: Update 6/13: Futures tested ~5,925 overnight 6/12-6/13, and rallied back to 6k. That move emphasized the slippery downside <6k...

Macro Theme: Key dates ahead: 6/12 Jobless Claims 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: Update 6/12: Rumors of conflict with Iran has now zapped the rally which formed post-CPI. We think that keeps...

Macro Theme: Key dates ahead: 6/11 CPI 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: June VIX/Equity expirations fall just as SPX realized vol is getting squeezed to the floor (5-day is 8%), and the SPX is...

Macro Theme: Key dates ahead: 6/11 CPI 6/18 FOMC + VIX Expiration 6/19 Juneteenth - Market Closed 6/20 OPEX 6/30 Quarterly OPEX June OPEX Playbook: June VIX/Equity expirations fall just as SPX realized vol is getting squeezed to the floor (5-day is 8%), and the SPX is...

Macro Theme:   Key dates ahead: 6/5 Jobless Claims 6/6 NFP 6/11 CPI 6/4: In line with the update from 5/27 - As the SPX has held >=5,900 we continue to favor upside equity plays, which syncs with looking for vol contraction into June monthly OPEX (6/20). We...

Macro Theme:   Key dates ahead: 6/4 ISM PMI 6/5 Jobless Claims 6/6 NFP 6/11 CPI 6/4: In line with the update from 5/27 - As the SPX has held >=5,900 we continue to favor upside equity plays, which syncs with looking for vol contraction into June monthly OPEX...

Macro Theme: Key dates ahead: 6/3 JOLTS 6/4 ISM PMI 6/5 Jobless Claims 6/6 NFP 6/11 CPI 5/27: Our prime position here is maintaining rolling short dated tail positions, near the 5,750-5,700 zone, as the market consistently shows jump risk (ex: 20Y auction day and...

Macro Theme: Key dates ahead: 5/25 Powell speaks 5/28 FOMC Mins/NVDA ER 5/22: Puts/long vol positions were validated after the 1.6% decline on 5/21. We remain bearish on stocks with a short term support target of 5,775, favoring put spreads as a way to protect...

Macro Theme: Key dates ahead: 5/25 Powell speaks 5/28 FOMC Mins 5/22: Puts/long vol positions were validated after the 1.6% decline on 5/21. We remain bearish on stocks with a short term support target of 5,775, favoring put spreads as a way to protect downside. If...

Macro Theme: Key dates ahead: 5/21 VIX Exp 5/20: Bulls remain in control while SPX >5,925. We press shorts <5,900 (our only current shorts are limited to longer dated put spreads related to 5/13 notes). 5/21 VIX expiration marks the window closing from a...