Macro Theme: Key dates ahead: 4/9: FOMC Mins 4/7: Into record high IV/VIX levels, we are looking at ways to play volatility contraction over the next 1-2 weeks via +2 month call spreads and/or flies, with a possible rally "resistance free" into the 5,400 zone. Such a...

Macro Theme: Key dates ahead: 4/3: Jobs (8:30 AM ET) & ISM (10AM) 4/4: NFP 4/3: Post Tariff Announcement: We want to be long of stocks >5,525 as negative gamma & a potential vol crush could quickly accelerate stocks higher to 5,600. To the downside, 5,400...

Macro Theme: Key dates ahead: 4/3: Jobs (8:30 AM ET) & ISM (10AM) 4/4: NFP 4/3: Post Tariff Announcement: We want to be long of stocks >5,525 as negative gamma & a potential vol crush could quickly accelerate stocks higher to 5,600. To the downside, 5,400...

Macro Theme: Key dates ahead: 4/2: Tariff Deadline 3/25: April 2 Tariff Scenario: In a positive outcome, we'd look for a move into 5,950, with major resistance at 6,000. This area is also where we believe vanna fuel would be totally "burned off" with VIX hitting 14's...

Macro Theme: Key dates ahead: 4/1: ISM 4/2: Tariff Deadline 3/25: April 2 Tariff Scenario: In a positive outcome, we'd look for a move into 5,950, with major resistance at 6,000. This area is also where we believe vanna fuel would be totally "burned off" with VIX...

Macro Theme: Key dates ahead: 3/31: Q-End OPEX (JPM Roll) 4/2: Tariff Deadline 3/25: April 2 Tariff Scenario: In a positive outcome, we'd look for a move into 5,950, with major resistance at 6,000. This area is also where we believe vanna fuel would be totally "burned...

Macro Theme: Key dates ahead: 3/28: Core PCE 3/31: Q-End OPEX (JPM Roll) 4/2: Tariff Deadline 3/27: Vol continues to look cheap after the 3/26 ~1% SPX decline ahead of GDP/Jobs data today (3/27), Core PCE tomorrow (3/28), the JPM expiry (3/31) and an alleged tariff...

Macro Theme: Key dates ahead: 3/27: GDP + Jobs 3/28: Core PCE 3/31: Q-End OPEX 4/2: Tariff Deadline 3/24: We are looking to lock in some long call/short put gains (see 3/19 note) into the strong stock rally on into 3/24 because a signed tariff deal has not been...

Macro Theme: Key dates ahead: 3/31: Q-End OPEX 4/2: Tariff Deadline 3/24: We are looking to lock in some long call/short put gains (see 3/19 note) into the strong stock rally on into 3/24 because a signed tariff deal has not been reached (ref SPX 5,730). Tariffs...

Macro Theme:   Key dates ahead: 3/31: Q-End OPEX 4/2: Tariff Deadline 3/24: We are looking to lock in some long call/short put gains (see 3/19 note) into the strong stock rally on into 3/24 because a signed tariff deal has not been reached (ref SPX 5,730)....

Macro Theme: Key dates ahead: 3/21: OPEX 3/31: Q-End OPEX 4/2: Tariff Deadline 3/21: OPEX Update: We continue our view of wanting to own "cheap" long calls/call spreads >=1-month exp, which show in names like: semis (SMH, NVDA, AMD), and dare we say it: crypto...

Macro Theme: Key dates ahead: 3/21: OPEX 3/31: Q-End OPEX 4/2: Tariff Deadline 3/19: Into FOMC downside seems exhausted, and OPEX may bring some relief. We prefer to express the next week as a "short put" scenario, meaning we think downside is pretty limited, but...