-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
