🧵JPMorgan’s Hedged Equity Fund (JHEQX) just flipped the switch again. Here's why SPX 5290 is the most important level in the market through April 18: JHEQX runs ~$49B and uses a quarterly collar to hedge.

That includes:

– Selling OTM calls
– Buying OTM puts
– Possibly selling lower puts (for a costless collar)

Reverse Repo Market is bank money laundering 101. Banks & big money mgrs part cash at fed & earn return. This sucks liquidity out of where it should be, in banks and in main street. Not in money market funds. One-month T bills now yield about 0.75%, below the reverse repo 0.8%

https://twitter.com/CathieDWood/status/1538508967437279232

This means Central Banks are going to sell their equities and park cash at fed along with everybody else.

Crude sitting on Daily PT2
97.20

#CL_F #Crude #OOTT #WTI Volatility on first leg down 31;
Volatility on retest 27