Macro Theme: Key dates ahead: 4/22: Earnings: TSLA, MMM, LMT, PHM 4/23: New Homes Sales, Earnings: BA, CMG, VRT, LVS, IBM 4/24: Durable Goods, Jobless Claims, Earnings: INTC, GOOGL, AAL, PG, FCX 4/21: In addition to the 4/17 view(below), we will this week look to...

Macro Theme: Key dates ahead: 4/16: VIX Exp 4/17: Jobs + OPEX 4/15: Wed 4/16 VIX Exp may mark a short term high in equity markets, as large VIX calls expire, and equity OPEX has become quite neutral in terms of put vs call positioning. 4/14: Fixed risk short...

Macro Theme: Key dates ahead: 4/17: Jobs + OPEX 4/14: Fixed risk short volatility trades make sense to us this week, as realized volatility should come in, which allows implied volatility to come in. Further, Thursday's OPEX adds supportive flows due to put decay....

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: 4/9: 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: 4/2: 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: 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)....

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...

Macro Theme: Key dates ahead: 3/19: FOMC 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...