The Great Gamma Unwind

Dynamics of dramatically rising interest rates
–Bonds continue declines sending rates flying
–In percentage terms just how far has the 10 year rate gone YTD?
–the critical juncture; movement in bonds can cause this…

The Great Gamma Unwind
–a little Dodd Frank with a side order of Volcker Rule
–bona fide hedger!
–market neutral- you trade with the dynamics of the market

SPX Expected Move
–last week EM–57.45  (4 day trading week)
–next week– 74.11 expected move

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