Volatility did not rise in the midst of selling
–vol complacency
–markets are tired
–options volumes have subsided
FOMC is BACK but too little too late
–FED meeting
–quarter point baked in
–Quantitative tightening is underway
–CPI 7.9%, inflation will turn into stagflation
Bond Markets -have to do what the FED will not
–rates to pop, 10 year and short end of the curve
–junk yields need to fly
Financials- are margin and sanction hits forthcoming?
–exposure to geopolitical risk (JPM)
–commodity exposure and margin
–sanction shock to the global financial stability
Mega-Market Caps – the great unwind has begun
SPX Expected Move —
–last week — 147.73 (expected move)
–next week– 144.35 (expected move)