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: 12/24 1/2 day (Xmas Eve) 12/25 Market Closed 12/31 OPEX Q-end 12/20: We think vols indicate oversold conditions into a massive put-clearing OPEX. For this reason we are looking to removing short, and looking for defined risk ways to play...

Macro Theme: Key dates ahead: 12/24 1/2 day (Xmas Eve) 12/25 Market Closed 12/31 OPEX Q-end 12/20: We think vols indicate oversold conditions into a massive put-clearing OPEX. For this reason we are looking to removing short, and looking for defined risk ways to play...

Macro Theme: Key dates ahead: 12/20 OPEX 12/31 OPEX Q-end 12/24 1/2 day (Xmas Eve) 12/25 Market Closed 12/20: We think vols indicate oversold conditions into a massive put-clearing OPEX. For this reason we are looking to removing short, and looking for defined risk...

Macro Theme: Key dates ahead: 12/20 OPEX 12/31 OPEX Q-end The SPX has to recover 6k before Monday 12/23 in order for stability to re-enter the market. Until/unless that happens we remain concerned that 12/18 volatility was just an "amuse-bouche", and not a one-off...

Macro Theme: Key dates ahead: 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy the dip mode"...

Macro Theme: Key dates ahead: 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy the dip mode"...

Macro Theme: Key dates ahead: 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy the dip mode"...

Macro Theme: Key dates ahead: 12/12 PPI/Jobs 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy...

Macro Theme: Key dates ahead: 12/12 PPI/Jobs 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy...

Macro Theme: Key dates ahead: 12/11 CPI 12/18 FOMC 12/20 OPEX 12/31 OPEX Q-end Our primary risk metric signals being long of equities while SPX >6,000 with an upside target 6,100. <6,000 we flip to risk-off. Through to 12/20 OPEX we plan to operate in "buy the...