Macro Theme: Key dates ahead: 1/14: PPI 1/15: CPI 1/17: OPEX 1/20: MLK (market closed) + Inauguration 1/29: FOMC 6,050 - 6,100 is likely major resistance into 1/17 OPEX. 1/14: We believe traders are under-pricing volatility, as both SPX & NDX trade at a discount...

Macro Theme: Key dates ahead: 1/14: PPI 1/15: CPI 1/17: OPEX 1/20: MLK (market closed) + Inauguration 1/29: FOMC 6,050 - 6,100 is likely major resistance into 1/17 OPEX. Friday 1/10: This is a high risk environment, wherein a small trigger could elicit a tail move....

Macro Theme: Key dates ahead: 1/10: NFP 1/14: PPI 1/15: CPI 1/17: OPEX 1/20: Inauguration 1/31: FOMC As of 1/8: 5,800 is now major support. Any rally that fails to close >6k should be seen as a short cover rally, and subject to quick reversals. 6,050 - 6,100 is...

Macro Theme: Key dates ahead: 1/8: Jobless claims, FOMC Mins 1/9: Market Closed: President Carter 1/10: NFP 1/14: PPI 1/15: CPI 1/17: OPEX 1/20: Inauguration 1/31: FOMC As of 1/8: 5,800 is now major support. Any rally that fails to close >6k should be seen as a...

Macro Theme:   Key dates ahead: 1/7: PMI, NVDA CES Analyst Day 1/8: Jobless claims, FOMC Mins 1/9: Market Closed: President Carter 1/10: NFP 1/14: PPI As of 1/6: With SPX near 6,000 resistance we shift to a neutral stance, as IV fuel has been drained off....

Macro Theme: Key dates ahead: 1/7: PMI, NVDA CES 1/8: Jobless claims, FOMC Mins 1/9: Market Closed: President Carter 1/10: NFP 1/14: PPI As of 1/6: With SPX near 6,000 resistance we shift to a neutral stance, as IV fuel has been drained off. Upcoming data 1/7-1/10...

Macro Theme: Key dates ahead: 1/9: Market Closed: President Carter 1/10: NFP As of 1/3: We remain in "risk off" positioning until/unless the SPX is >=5,900. Traders met recent downside by selling puts, which suggests a short term rally/bounce is in play. Any rally...

Macro Theme: Key dates ahead: 1/2: Jobs data 1/3: NFP 1/9: Market Closed: President Carter As of 12/31: We remain in "risk off" positioning until/unless the SPX is >=6,000. This means we look to hold longer dated downside hedges, while tactically trading two-way...

Macro Theme: Key dates ahead: 12/31 OPEX Q-end 6k was recovered on 12/24, which invokes the JPM collar pin into 6,055 by 12/31 expiration. Should the SPX break <5,990 our view of pinning 6,055 would be removed, and we'd flip to risk off. Into 12/31 we will be...

Macro Theme: Key dates ahead: 12/31 OPEX Q-end 6k was recovered on 12/24, which invokes the JPM collar pin into 6,055 by 12/31 expiration. Should the SPX break <5,990 our view of pinning 6,055 would be removed, and we'd flip to risk off. Into 12/31 we will be...

Macro Theme: Key dates ahead: 12/31 OPEX Q-end 6k was recovered on 12/24, which invokes the JPM collar pin into 6,055 by 12/31 expiration. Should the SPX break <5,990 our view of pinning 6,055 would be removed, and we'd flip to risk off. Into 12/31 we will be...

Macro Theme: Key dates ahead: 12/31 OPEX Q-end 6k was recovered on 12/24, which invokes the JPM collar pin into 6,055 by 12/31 expiration. Should the SPX break <5,990 our view of pinning 6,055 would be removed, and we'd flip to risk off. Into 12/31 we will be...