Has the Great Market Unwind Begun?

-Mega market caps taking a hit

-TSLA, NVDA, GOOGL. MSFT

-Jobs number a huge miss

-FED nixes “transitory”, accelerates taper

-Bonds go on the defensive

Volatility Update—

-/VX vol futures cross backwardation and back

-VIX over 30

-VVIX in never never land

-SKEW still rockin’

-expected moves and IV ranks explode

Strategy Talk—

-Buying calls for rallies is brutal

-spreads offset vol risk

-rallies will bait retail into devastating losses

-spreads for directional bias

-premium sellers start your engines!

SPX Expected Move —

–last week — 154.25 (expected move)

–next week– 157.12