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1/x The summer of George is back to its regularly timed programming. JPM’s Ivol 🔨 took over in earnest yesterday, as MMakers proactively began the process of lowering Sep OpEx in preparation for the oncoming 🌊 of supply. This should single handedly continue to keep the s&p 📌.
2/x A game of 🐔 is afoot @ the 1.5 stdev up of the 20 day. Watch this level on close as this could operate as a 🧲. We continue to aggressively buy Vol in interest rate sensitive names and sell it in SPX. June 25th Ivol is dramatically oversupplied, as is June 30th, & markets
3/x are about to receive a new wave of IVol on 6/30. Followed by a long weekend 7/3-7/5 and then 7/6-7/12 #charmweek… All this said, HF positioning has been in the 98-99th %’ile for some time….and if it weren’t for Gary being so well FED, the Jets levitating this market would
