Macro Theme:   Key dates ahead: 12/4 ISM Servives PMI, Powell 12/5 Jobless Claims 12/6 NFP 12/11 CPI Our primary risk signals signal long of equities while SPX >6,000 with an upside target of 6,050, then 6,100. We are neutral 5,900-6,000& <5,900 we flip...

Macro Theme:   Key dates ahead: 12/2 ISM Manufacturing PMI 12/4 ISM Servives PMI, Powell 12/5 Jobless Claims 12/6 NFP 12/11 CPI Our primary risk signals signal long of equities while SPX >6,000 with an upside target of 6,050. We are neutral 5,900-6,000&...

Macro Theme:   Key dates ahead: 11/26 FOMC Mins 11/27 CORE PCE 11/28 Thanksgiving Holiday 11/29 Holiday 1/2 day We are long of equities while SPX >6,000 with an upside target of 6,050. We are neutral 5,900-6,000& <5,900 we flip to risk-off. 11/22:...

Macro Theme:   Key dates ahead: 11/21 Jobless Claims NVDA ER, on 11/20 is our major EOY catalyst. Jan SMH calls are our preferred way to play upside post NVDA ER. We are flat in the S&P500 until the SPX recovers 5,900. <5,850 we would flip back to a net...

Founder's Note: Wed, November 20, 2024 at 7:00 AM ET Macro Theme:   Key dates ahead: 11/20 VIX exp, NVDA ER NVDA ER, on 11/20 is our major EOY catalyst. Jan SMH calls are our preferred way to play upside post NVDA ER. We are flat in the S&P500 until the SPX...

Macro Theme:   Key dates ahead: 11/13 CPI 11/15 OPEX 11/20 VIX exp, NVDA ER We remain long of equities while SPX is >5,950, with an upside target of 6,050. 6,000 is a massive support/pivot level the OPEX week of 11/11. From pre-election: "Jan NVDA and/or QQQ...

Macro Theme:   Key dates ahead: 11/13 CPI We are long of equities while SPX is >5,900, with an initial upside target of 6,000 (Call Wall). From pre-election: "Jan NVDA and/or QQQ calls are our preferred way to hedge the election/FOMC right tail, as call skews...

Macro Theme:     Key dates ahead: 11/13 CPI We are long of equities while SPX is >5,900, with an initial upside target of 6,000 (Call Wall). From pre-election: "Jan NVDA and/or QQQ calls are our preferred way to hedge the election/FOMC right tail, as call...

Macro Theme:   Key dates ahead: 11/7 FOMC We are long of equities while SPX is >5,900, with an initial upside target of 6,000 (Call Wall). From pre-election: "Jan NVDA and/or QQQ calls are our preferred way to hedge the election/FOMC right tail, as call skews...

Macro Theme:   Key dates ahead: 11/5 - 11/6 Election 11/7 FOMC We are currently neutral of equities until/unless SPX recovers >=5,800, and short of equities if SPX <5,700. 5,850 is pre-election resistance. Jan NVDA and/or QQQ calls are our preferred way to...

Macro Theme:   Key dates ahead: 11/5 - 11/6 Election 11/7 FOMC We are currently neutral of equities until/unless SPX recovers >=5,800 5,850 is pre-election resistance. Jan NVDA and/or QQQ calls are our preferred way to hedge the election/FOMC right tail, as...

Macro Theme:   Key dates ahead: 10/31 CORE PCE 11/1 PMI 11/6 Election 11/7 FOMC We remain long of equities while SPX >5,800, and neutral <5,800. Currently we do note see a material negative gamma SPX position until <5,700, suggesting a lack of strong...