Macro Theme: Key dates ahead: 9/19: OPEX Update 9/18: We look for the rally to continue into Friday OPEX, and then look for a correction next week. 9/30 is circled as potentially a more destabilizing expiration. 9/16: Our core view one is vol is cheap. We like short...

Macro Theme: Key dates ahead: 9/17: VIX Exp, FOMC 9/19: OPEX Update 9/16: Our core view one is vol is cheap. We like short term put structures >=1week to 1-month out. For bears a break of <6,600 gives bears the edge, and we'd look for a test of 6,500 (JPM EOM...

Macro Theme: Key dates ahead: 9/11: CPI 9/17: VIX Exp, FOMC 9/19: OPEX Update: 9/11: Our key pivot is now 6,500. While SPX is >6,500, we favor of test of 6,600 into 9/17. <6,500, pre or post 9/17, we will flip to risk off. 9/3: We move back to a bullish stance...

Macro Theme: Key dates ahead: 9/10: PPI 9/11: CPI 9/17: VIX Exp, FOMC 9/19: OPEX Update 9/3: We move back to a bullish stance if the SPX is >6,400, and look to enter calls in SPY/QQQ/IWM playing for >=2% upside into Sep 19th OPEX as a way to express upside....

Macro Theme: Key dates ahead: 9/10: PPI 9/11: CPI 9/17: VIX Exp, FOMC 9/19: OPEX Update 9/3: We move back to a bullish stance if the SPX is >6,400, and look to enter calls in SPY/QQQ/IWM playing for >=2% upside into Sep 19th OPEX as a way to express upside....

Macro Theme: Key dates ahead: 9/5: NFP Update 9/3: We move back to a bullish stance if the SPX is >6,400, and look to enter calls in SPY/QQQ/IWM playing for >=2% upside into Sep 19th OPEX as a way to express upside. Should the SPX break back below 6,400, we...

Macro Theme: Key dates ahead: 9/2: ISM 9/3: JOLTS 9/4: Jobless Claims/PMI 9/5: NFP Update 8/28: Post NVDA earnings the key upside target remains 6,500-6,525. We update our key "risk off" pivot level to 6,450. A break below there infers a test of 6,400. <6,400...

Macro Theme: Key dates ahead: 8/29: PCE 9/1: Market Closed (Labor Day) Update 8/28: Post NVDA earnings the key upside target remains 6,500-6,525. We update our key "risk off" pivot level to 6,450. A break below there infers a test of 6,400. <6,400 infers a test of...

Macro Theme: Key dates ahead: 8/28: GDP/Jobless Claims 8/29: PCE 9/1: Market Closed (Labor Day) Update 8/28: Post NVDA earnings the key upside target remains 6,500-6,525. We update our key "risk off" pivot level to 6,450. A break below there infers a test of 6,400....

Macro Theme: Key dates ahead: 8/27: NVDA ER 8/28: Jobless Claims 8/29: PCE 8/25: Post JHOLE: At any point moving forward should SPX break under 6,400 this market could get pretty nasty, as that is where negative gamma comes in. Further, that downside action would...

Macro Theme: Key dates ahead: 8/27: NVDA ER 8/28: Jobless Claims 8/29: PCE Update 8/25: Post JHOLE: At any point moving forward should SPX break under 6,400 this market could get pretty nasty, as that is where negative gamma comes in. Further, that downside action...

Macro Theme: Key dates ahead: 8/20: VIX EXP 8/23: J-HOLE 8/27: NVDA ER Update 8/18: Per recent updates, due to 11-12% SPX IV's we want to now own a small amount of Sep put, and/or Sep VIX call spreads into JHOLE & NVDA (8/27), while maintaining a core long...