Who Buys the All-Time High?

Shorts Squeezed
Retirement Funds
Call Buyers
Bona Fide Hedgers
Retail Investors

Bonds lost their mojo this week

VIX call Spread Buyer may not be a bear!

We smashed expected move

SPX Expected Move
–last week EM– 57.96
–next week– 57.96 expected move

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