One of the most surprising parts of the results is this: 435 winning trades and 434 losing trades. Almost a 50/50 win rate. And yet, the system still produced over $13,000 in net profit on a $5,000 account. Why? Because the winners were consistently larger than the losers. That's the entire edge—risk control, not prediction. → See how risk and reward are structured on every trade.

Game Changing Rally?

—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

Don Kaufman

Don Kaufman is options trader and educator. Former CBOE market maker, former Chief Derivatives Instructor at thinkorswim, and former Director of the Trader Group at TD Ameritrade. In 2015 he co-founded TheoTrade to teach traders how volatility, probability, and risk really work.

More about Don Kaufman

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08.30	OJ & Mac \| Overnight review \| FREE SESSION 08.30 09.20 Don Kaufman \| Early volatility 09.20 10.30
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09.30
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10.30	Jeff Bierman \| Market structure 10.30 11.30
11.00	Jeff Bierman \| Market structure 10.30 11.30
11.30	Brandon Chapman \| Ghost Hour 11.30 12.30
12.00	Brandon Chapman \| Ghost Hour 11.30 12.30
12.30	Gianni Di Poce \| Macro overview 12.30 13.15 Corey Rosenbloom \| Options tactics 13.15 14.00
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14.00	Tony Rago \| Futures Trading 14.00 15.00
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