—Fed ignites rippin rally on dovish tone
—Bonds played little role in the rally
—SPX ends week dead-on upper EM
—Russel decides Jerome Powell is a Demigod
Volatility abnormalities–
—1 year implied volatility screams risk
—short term imp vol crushed
— realized vol still dead
—skew sky high
Trade Opportunities–
—premium selling continues to dominate
—volatility crush opens up vix trades
—Chinese markets
SPX Expected Move–
–last week EM– 67.73
–next week– 57.49 expected move
