Macro Theme: Key dates ahead: 5/15 PPI 5/16 OPEX 5/21 VIX Exp 5/13: With the SPX >=5,825, we see Friday's OPEX (5/16) as one of the most call-lopsided expirations ever. We think this may lead to a market correction next week. 5/12: Following the US/China trade...

Macro Theme: Key dates ahead: 5/13 CPI 5/15 PPI 5/16 OPEX 5/21 VIX Exp 5/13: With the SPX >=5,825, we see Friday's OPEX (5/16) as one of the most call-lopsided expirations ever. We think this may lead to a market correction next week. 5/12: Following the US/China...

Macro Theme: Key dates ahead: 5/11: US/China Tariff Meeting 5/13 CPI 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long...

Macro Theme: Key dates ahead: 5/11: US/China Tariff Meeting 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long call...

Macro Theme: Key dates ahead: 5/11: US/China Tariff Meeting 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long call...

Macro Theme: Key dates ahead: 5/7: FOMC 5/10: US/China Tariff Meeting 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long...

Macro Theme: Key dates ahead: 5/7: FOMC 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long call structures, which profit...

Macro Theme: Key dates ahead: 5/7: FOMC 5/5: We continue to see a negative volatility premium in the S&P500, which validates owning 1-2 month put spreads as referenced on 4/25. Those puts were hedged with short dated/Friday exp long call structures, which profit...

Macro Theme: Key dates ahead: 5/2: NFP 4/29: Based on the formation of light positive gamma >5,500, we look to be net long of stocks while SPX holds that level. We recommend short dated (May exp) calls or call spreads. This does not invalidate the view of owning...

Macro Theme: Key dates ahead: 5/1: Jobless Claims, ISM, AAPL + AMZN earnings 5/2: NFP 4/29: Based on the formation of light positive gamma >5,500, we look to be net long of stocks while SPX holds that level. We recommend short dated (May exp) calls or call spreads....

Macro Theme: Key dates ahead: 4/30: PCE, Earnings: META, MSFT 5/1: ISM 5/2: NFP 4/29: Based on the formation of light positive gamma >5,500, we look to be net long of stocks while SPX holds that level. We recommend short dated (May exp) calls or call spreads. This...

Macro Theme: Key dates ahead: 4/29: Bessent, JOLTS 4/30: PCE, Earnings: META, MSFT 5/1: ISM 5/2: NFP 4/29: Based on the formation of light positive gamma >5,500, we look to be net long of stocks while SPX holds that level. We recommend short dated (May exp) calls...