March OPEX (Options Expiration) Live with Brent Kochuba | SpotGamma

All right. All right. What's up,

everybody? Uh, apologies for the multiple starts and stops. Uh, we were supposed to do at 1:00 today. Uh, we

decided let's wait. I had a travel schedule is a little hectic and I had a threehour drive that turned into a six-hour drive. Uh, but we did it. We're

six-hour drive. Uh, but we did it. We're

here now. Hopefully y'all can join us.

Um, we should be up on YouTube, we should be up on Twitter, and hopefully we're up on Rumble as well. Uh, so if you can hear me, and if you know, uh, if you are, let

me know.

All right, looks like it's all streaming, so let's get into it.

Uh, there's a lot to talk to to talk about today. Um, we had VIX expiration

about today. Um, we had VIX expiration coming into a very big options expiration. This is going to be not the

expiration. This is going to be not the biggest options expiration ever, but certainly one of the bigger ones that we've seen uh in recent weeks, probably since, excuse me, in recent months since

December.

Uh, Martine, what's up, man? Good to see you. Uh, Nick, you're welcome. CB3,

you. Uh, Nick, you're welcome. CB3,

thank you for coming back. I gota

I'll tell you the story. Not that any of y'all care, but uh I was coming from Key West this morning. Never been to Key West. Kind of fun. Um there's one road,

West. Kind of fun. Um there's one road, for those of you who don't know, that goes into and out of Key West, and they decide to uh construct on it today. And

so, uh what was supposed to be a three-hour drive turned into a six-hour drive. Not that y'all should care about

drive. Not that y'all should care about it. Just want to give you the reason as

it. Just want to give you the reason as to why.

Uh we're a little bit late. We're doing

this a little bit later, but a lot of people say they want to have this content after uh after market close anyway. So, we'll see. Uh we'll see if

anyway. So, we'll see. Uh we'll see if that works out. But uh you know, OPEX ain't going to stop. So, here we are.

But, um I want to walk through the the state of affairs, right?

And uh so, what we're going to do is uh what's up, Desi? Uh what we're going to do is we're going to talk about volatility, how volatility is driving price action over the last few days. And

then we're going to talk about the JP Morgan collar trade. We're going to talk about today because everyone else is going to be talking about it, I think, in the next couple of days. So, we'll

get in front of that. And then we're going to talk obviously about why we're all just essentially crude oil traders.

Now, I'm not going to give you any insights on the Middle East situation. I

have absolutely no idea. I can tell you from reading Twitter that nobody else has any other idea uh as well. So, so

maybe my guess is as good as anybody else's, but we're going to talk about why that oil market is so important now.

Um it seems obvious but when you look at the correlations between equity movement now and and VIX and volatility it's uh it's pretty wild. So uh let us get into it with that. If you have any questions

I can't see the chats on both Twitter and YouTube. So I'll be able to uh get

and YouTube. So I'll be able to uh get into those. Now uh this presentation

into those. Now uh this presentation that you see on the screen here is part of what I do with the opex effect with my good buddy Jack Forehand of the um excess returns. He has an incredible

excess returns. He has an incredible podcast. He's getting huge uh

podcast. He's getting huge uh finit finance celebrities on there and he still lets me come on which is cool.

Um so uh we're doing our show on Friday.

So we'll have the latest in market movements which could be a lot. We're

going to put that show out on uh Saturday.

Uh I did pay my internet bill now. So

we're live. Uh I tried to use some janky Starbucks Wi-Fi. It didn't work. And so

Starbucks Wi-Fi. It didn't work. And so

here we are now. There's some pretty funny comments. Brent trying to stream

funny comments. Brent trying to stream from the men's room and stuff. Uh, it's

all good. Um, so we're gonna I'm going to show this presentation. I have a few slides on here just to make things easier for the purpose of this conversation, but the entire deck laid out in pretty clear form. We're going to have this live on the OPEX effect on

Saturday, so you can check that out as well. Um, but what I wanted to get

well. Um, but what I wanted to get started with here, um, was, uh, what happened today, right? And why these

things are important. Um, if we go to and just look at the way the market moved here over the last several days.

Now, this is the JP Morgan strike from long ago. We're going to talk about the

long ago. We're going to talk about the JP Morgan puts that are right around the 6500 level. Um, but look at what

6500 level. Um, but look at what happened post Feb OPEX, right? We seem

to sort of bid into January, be fairly stable through February, and then we trended marketkedly lower. Now

the uh the Iran situation obviously started in the middle of the uh in in between these two options expirations and we've largely had the same trading range since Thanksgiving, right? And

Thanksgiving fired that trading range up um right in here, right? And and now we're back to 6,600. But you could see it's this three or 400 point trading

range and even before February OPEX that range was a little bit tighter. But

what's interesting about this and what's going to come into discussion here is the topic of realized ball. And I talked about realized ball and the vault premium with our subscribers and why that matters here. Um, and also why we

have this ball premium in what has been a pretty boring market. Um, now Michael Green, who I respect a lot, you know, pushed back on the idea that it was boring. My idea about it being boring is

boring. My idea about it being boring is that if we look at realized volatility and I know I'm jumping around here a little bit but stay with me here because this I think is really important and critical to understand. If you look at

realized volatility so on the spot gamma site you can see this here and we hover over this. Generally when options people

over this. Generally when options people talk about realized volatility they talk about S&P one month realized volatility.

What is that? That's the volatility daily volatility over the last 30 days.

um you guys chat GDP, it'll create it for you now. But what you see here is 12, right? What does that mean? Well,

12, right? What does that mean? Well,

the rule of 16 tells us if you divide that 12 by 16, you get about 70, right?

What is 70? 70 is 70 basis points. So

the average daily volatility, the average movement of the S&P over the last month, it's about 70 basis points a day. Um

day. Um that's not much at all, right?

Historically, if you look at what the movement of the S&P is uh over time, it's about 68 bips. Now, that's the average. Obviously, the mean and the

average. Obviously, the mean and the median could be quite a bit different.

Uh the median could be quite a bit different from the mean, excuse me. But

on average, uh 68 basically. So, what

we've been experiencing over the last month, despite Iran, despite the credit issues, which may or may not matter, despite the software apocalypse, all of that stuff, software apocalypse seems

like it was six years ago now, right?

Despite all of that stuff, uh we're moving on average, right? But you go, "Well, Brent, the VIX is 25, but we're just moving average. So, why does that matter?" Well, VIX at 25. You can

matter?" Well, VIX at 25. You can

compare that directly to one month realized volume in the S&P. And what do you get there? You get about a 13 point spread, right? 25 minus 12 will give you

spread, right? 25 minus 12 will give you that 13. So, you might say to yourself,

that 13. So, you might say to yourself, okay, Brent, well, why does that matter?

Because what that is is the volatility premium. That's a huge V premium. Why

premium. That's a huge V premium. Why

does that matter? Because the best prediction of what happens tomorrow has been is what happened today and the day before that, right? Market doesn't do anything today or yesterday. probably

not going to do anything tomorrow, right? That's what you would expect in

right? That's what you would expect in the market. So 25 VIX or 20% S&P at the

the market. So 25 VIX or 20% S&P at the money implied V on a one-mon basis is a big number when we're only moving at

12%. And hopefully that makes sense. So

12%. And hopefully that makes sense. So

we have this big risk premium in the market. And in fact, if you look back at

market. And in fact, if you look back at this and you say, well, how big is a 12 point or 10 point risk premium? That's

about 10th or 11th highest or fattest spread we've seen in the last uh I believe postcoid right um so there's a very wide VIX premium and most of those

premiums occur when you have a situation where VIX is at like 60 and realized V is at like 40 right because the market's crashing like in April of last year you

remember the weird VIX episode we had um in August of last year uh for example where suddenly the VIX went to Right?

And it was like, you know, didn't matter. Did matter. It's just a function

matter. Did matter. It's just a function of the calculation. Whatever. Point is,

we've had some crazy spasms, right? And

so, we're in a very strange something of an unprecedented, and I know my face is over that realized ball uh metric there.

Um, but we're in something of an unprecedented situation here with that.

So, that vault premium is very wide. So,

what what happened here as the VIX came in? And I want to show you I posted our

in? And I want to show you I posted our founders zone on Monday for free for everybody. I said I think the market

everybody. I said I think the market could rally here up into 6,800 and I laid out the reason why. Now, we

didn't get to 6,800. We got to 6750ish, right? And then today POW obviously uh

right? And then today POW obviously uh didn't help the market and then the Iran situation seems to be getting worse. So,

that's putting a damper on markets. But

the reason that we talked about this or I talked about this, you could see it here. um is because of the fact that I

here. um is because of the fact that I think that the volatility premium sorry I need to go to Monday was set to collapse and a lot of people will say well does opex really matter and we put

in this chart here and so subs have read this but the point of of the the the fact is here that what tends to happen is the volatility premium the spread

between VIX and realized vault will expand and contract typically around VIX expirations now this one's weird because the volatility premium is driven by this known unknown. And the known unknown is

known unknown. And the known unknown is the Iran situation. And the Iran situation connects to obviously to oil.

And the higher oil goes, the more inflation goes. And the more inflation

inflation goes. And the more inflation goes, the more we have to worry about rates. And then we have rates into this

rates. And then we have rates into this weird situation of the private credit market. So you go, "Holy cow, like all

market. So you go, "Holy cow, like all this stuff is linked." But from my seat in the options world, you go, "Well, what does that mean?" That means if oil goes up, V is going to go up. And if oil keeps going up and the known unknown of

the Iran conflict keeps getting worse, well that V premium is unlikely to permanently uh contract, right? But it's

going to contract or could shrink a bit when we have options expiration and positions seem to shift. And why this matters is because the shift seems to be

more tied to VIX expiration than it does to OPEX, even though OPEX is on Friday and it's very large. So, let's tie this in a little bit further and say, "Well, okay, Brent, what happened at VIX

expiration?" It was actually kind of

expiration?" It was actually kind of funny. Look at that beautiful VIX

funny. Look at that beautiful VIX technical analysis. It was actually kind

technical analysis. It was actually kind of funny because I like to read about I like to read on FIN Twit and see what people like, why is the market ring? How

could this be? Don't they know what's going on? And when you're in options

going on? And when you're in options land and you know these big events are coming up and you can explain these short-term movements, you go, "Okay, like well, you know, here's the reason why." like you didn't see VIX

why." like you didn't see VIX expiration. So, look at the very

expiration. So, look at the very shortterm move in VIX, right? You see it come down, come down, come down, and it got into this 22 area yesterday. And if

you're a spot game member, you know, we're talking about yesterday as a a moment for the market to rally because yesterday was the last day that VIX contracts could trade. And then today at

9:30 in the morning, they settle. So, do

you think it's a coincidence that the short-term low of the VIX, the post-war low, right, was today at VIX expiration?

Probably not terribly surprising, right?

And in fact, if you look at Tuesday's founders note and you go, well, you know, where does this stuff really show up? Where does it matter? And you go,

up? Where does it matter? And you go, well, look at where the transition between between where calls are. So,

negative bars here mean dealers are short these VIX calls, right? Look at

the transition zone between where these calls are basically gone. They disappear

at 2122 and then below that it's mainly put positions. So you could say, well,

put positions. So you could say, well, there's some incentive there. There are

some dealer incentives to get these VIX calls to all expire worthless. And if

they got them VIX down to 2122 in that neighborhood, and this was what was written again on Tuesday, not this morning, then those those options go away. They expire. So what you have is V

away. They expire. So what you have is V contracts right into this morning.

market rallies, pardon me, and then all of a sudden VIX expires and then bam, the whole thing seems to unwind. And to just hammer that home a little bit more, look what happens here, right? You have a very

short-term market rally, right? Here's

Friday's close. Monday, we gap up. Uh

futures market had us back in the 6750 area. So, if we look at ES be a little

area. So, if we look at ES be a little bit different, but as soon as that VIX expiration goes off, you see this big bar down and then Pal obviously didn't have anything to say today and we just

leak lower. And in fact, now with fixed

leak lower. And in fact, now with fixed expiration gone, we are now at what is that three, four, four, five month lows in the S&P at this moment. But we've not

had a big one to two, 3% sell-off since really this entire recent move over March has come down. Why does that matter? Because we go back to that

matter? Because we go back to that realized ball has been 12%. Well, if you have a 2% selloff, right, then that's a realized ball move of like 30%.

So, we've been very, very contained and we hit a V, an interimm VA low or implied V low, it

seems possible with VIX expiration this morning.

And now we start to wonder if oil starts to move up, has this positioning been containing us? And if this positioning

containing us? And if this positioning rolls off, what happens after that?

Right?

So, let's just drive home this VIX thing one more time. And

shout out to John. I don't know. John's

probably not watching this. John's a

lead engineer here at Spot Gamma. And he

said, Brent, did you see this bar? This

is maybe the biggest bar he's ever seen in hero. What does that mean? Look right

in hero. What does that mean? Look right

here. This is the S&P 500, right? Uh was

at 6750 into VIX expiration. And then right into some of the data this morning, we saw this strong sell off to 9:00. And then

right here is 9:30, right? Right here.

Why does that matter? This giant bar right here. This is hero, right? So hero

right here. This is hero, right? So hero

is dollar notional over here. So we had on the open we had from 200 million up to on this one minute bar $2.5 billion.

That was $2.5 billion worth of deltas that showed it sold as soon as the VIX expiration occurred. Right? That is for

expiration occurred. Right? That is for a one minute bar. I generally tell people that over 15 to 30 minutes if you see a billion dollars in 15 minutes, that's a lot. Uh a couple billion over

half an hour, you know, you could see that pretty often. But in a one single bar is nearly unprecedented. Uh I can't recall another moment. I'm sure in April

tariff situation it happened uh a couple of times but the point of this is that you could see the flows and if you had seen this on any other day you like what the heck just happened but in this case you know it's tied to VIX expiration so

this is the signal or this is the showing of flow coming in on VIX expiration so the stats of VIX being an expir uh a a turning point in the market

right uh we showed you the stats we showed you the market impact VIX made its low this morning right at opposite expiration and then here you see these big flows. Right now, I'm not going to

big flows. Right now, I'm not going to pretend to fully understand why someone would come in and sell a whole bunch of very shortdated puts. These look like very concentrated uh not today's puts, but they they seem

to trade all uh related to shortdated options. Um you know, exactly what is

options. Um you know, exactly what is that trade related to the VIX? I don't

know exactly, but clearly the timing suggests that it there's a big VIX correlation there, right? So, what

happens with that? This dark line again is the S&P 500. As soon as we clear out some of this short-term VIX positioning, that was the high of the day. And then

we start to leak lower and obviously post FOMC things start to get even uglier. Why? Because no one knows what's

uglier. Why? Because no one knows what's going to happen with rates until we know what's happening with oil. Back to this idea that we're all oil traders. So I've

said a ton checking the notes.

So far, we're good.

everyone. Uh, Dallas Home Guide, you said you mentioned it in your in the simpler trading room. Crazy herob bar, right? And I love these moments in time

right? And I love these moments in time because we there are these moments where the options market seems to be in control or dictating and and it's short-term movements as we all know. It tends to be

short-term movements and it's not every day all day long, but there are these times where it's like macro guys don't know today's expiration. and they'll pay attention to it and then they'll make some macro assessment about whatever it

is that's happening. Where in these short-term movements, it is the um options market that's kind of controlling things. Now, Chuck's asking,

controlling things. Now, Chuck's asking, does positive hero climb due to calls being bought uh or sold? Now, you don't know bought to open or sold to open from

this data. Now, in our trace data, we

this data. Now, in our trace data, we do, right? So when we look at trace we

do, right? So when we look at trace we could tell um and in flow patrol is another where we look at single stocks open and close overnight but intraday

you look at trace and you could figure uh make some of those estimations right um Chuck and so the point here is when this bar jumps we can break this down a little bit more because I know you're

asking about it so I'm going to remove so let let's just talk about this first the T line is zero DTE right so zero DTE didn't move all that much on that big bar, you can see that the all expiration

flow, this darker line, had the big gap.

So, what does that tell me? That tells

me that whatever traded wasn't zero DTE.

So, look, okay, that's interesting. So,

I'm going to turn off next expiration and turn on puts and calls. And what do you see here? You see that purple line or the blue line spiked massively. So,

what does that tell me? Puts. Well, how

do we get the hero indicator to go up when it's put flow? Puts have to get sold. And so, that is what leads us to

sold. And so, that is what leads us to to know that it was number one put flow.

That's a certainty. Number two, it looks like it was sold. And I say it was look like because our algo tries to sort it out, but you don't know. Was it market maker that did this? Was it a bank? Was

it a customer? In this flow, you don't know. When you look at hero, excuse me,

know. When you look at hero, excuse me, you look at trace, you can dig into that a little bit more and understand. So, if

we go and we look at trace uh and we turn on, we know it wasn't zero DTE. And

so, you can actually wind back the clock here, right? And so you could try to

here, right? And so you could try to assess the change here and see what the flow was that opened and closed. And if

it wasn't a customer flow, you wouldn't see anything significant change. And so

what's interesting about that is this purple line is the same hero line we were looking at before. And you see it spike, right? Well, there's hardly any

spike, right? Well, there's hardly any change in the customer. So this is the buy side order flow. So what that tells me is that whatever took place here was

likely some type of bank or market maker adjusting a position. which one makes sense because oftentimes they're the ones that have that big fixed exposure on uh either they're hedging something themselves or they may have on a

position uh related to a a fund, right?

Or a hedge for a fund. So um that was a big uh customer order flow. So

this this is why all of this matters and and and so when we go back and I'm going to skip now to this chart deck because I want to kind of bring some of this home here. We're going to go through all of

here. We're going to go through all of these slides and the rest of this presentation in depth for Saturday. Uh

the the OPEX effect show will come out.

Um but I want to I want to talk about some of these important ball metrics here. And I think the reason that I want

here. And I think the reason that I want to talk about this now is because I'm I'm worried that we're going to trade down to 6,500 today or tomorrow. I'm

worried that we're going to have a big vault jump. And I think that your the

vault jump. And I think that your the takeaway from this conversation here should be jump risk. And what jump risk essentially means is that we have been very contained, right? We have not had a

lot of movement in the S&P. We've not

had that 2% down day, that 3% down day.

And I think the risk of that to me seems to be boying a little bit. And there's a couple of of of facets to that. So let's

talk about this first, right? So what we have on your screen here is the spread between realized vault and VIX. So the

start of this conversation was saying hey when you look at that 12 RV realized vault compared to the VIX how important or or excuse me how big is that spread and so right now it's about 10 it

contracted to nine at VIX expiration this morning and now it's popped to about 12 right because if you look at the VIX 25 versus realiz 12 so it's about 13ish maybe and so when you look

at 13 this chart goes all the way back to 2000 you can see that that's starting to get pretty significant in terms of that spread this is the spread between the VIX in the uh uh in that realized

ball number. But typically what happens

ball number. But typically what happens is the VIX is at a much higher level when you see that big spread like I mentioned before. So April tariff

mentioned before. So April tariff tantrums when the VIX went to 60 out of nowhere in August of last year. Those

types of you know made Wikipedia type events, right? Uh giant ball spasms

events, right? Uh giant ball spasms where you see this big spread premium widen out, right? And so what is so incredibly unusual about this to me is the fact that the premium is so big even

though we haven't had a big draw down, right? Where's the two or 3% draw down?

right? Where's the two or 3% draw down?

We haven't had it. I think we're due and opex could loosen that up. And the we're due thing is related to the Iran situation. If

Trump says tomorrow, hey look, we got a deal. Everyone's going to the hormone

deal. Everyone's going to the hormone straight is open. Blah blah blah. Okay,

great. market's going to rally, have a really big violent rally, probably in the 6,800s in a day or two, right? But

the longer that this sort of we stay in this quagmire, the more the risk builds, the more V uh oil goes up, the more V goes up, we cannot, in my view, continue

to have these very muted draw downs in the S&P, this grind down, we're going to have a spillover, I think, at some point. And as we remove OPEX, I think

point. And as we remove OPEX, I think again, the likelihood for that spillover kind of increases in in some ways. So

this puts into into context just how big this spread premium is now. The premium

again contracted mildly at VIX expiration today. We had a rally in the

expiration today. We had a rally in the market to 6750. Now there's no reason for that premium to really contract anymore. Right? OPEX maybe you could

anymore. Right? OPEX maybe you could lose a little bit. Um but in the short term you know here we're in this window right today to Friday where you can say

okay there's some flows that will help that V premium contract.

Certainly after Friday maybe opex hang overflows into Monday like okay that's the most of it but point is in this very shortterm two three day window this is the vault contraction we're we're we're

probably through it right okay so why does that matter uh we talked about the RV uh here so um I want to show you some interesting

charts uh in terms of the correlation now um between oil VIX and vault okay so at the top here we have spiders versus USO. I had to use

USO because it was the most convenient uh ETF right for me to use for oil. If

you juxtapose futures, equity futures and vol uh excuse me oil futures, you probably get the same thing. And the

same thing with USO and VIX. And what is the point here is that generally these things have some I don't know fairly positive correlation, right? Oil will go up a little bit, equities will go up in

kind. It's more probably a currency

kind. It's more probably a currency related trade as opposed to anything else. They tend to not move uh

else. They tend to not move uh negatively in in negative correlation.

Now what you're seeing here in mid to late May obviously there are some negative correlation but I think a lot of times this is related to local moves in oil right not these situations where

the straight and global oil supply is going to get choked off and we have a giant oil move right oil may go up a little bit kind of energy builds it may go down a little bit but again pretty

muted moves right five or 10% max in terms of oil not a 30 40% in two weeks like we've had here so what you see here

to the point get to the point, Brent, is equities are going down. Remember, S&P

is not jumping sharply, but oil is going down. So now these two have a negative

down. So now these two have a negative correlation, right? Because oil up,

correlation, right? Because oil up, equities down is unusual, but the thing that's catching my eye here as well, and I know this is covering a legend, is the

correlation between oil and VIX. This is

VIX using obviously oil is the V proxy.

So what is this saying? If oil goes up, V is going to go with it. full stop and that's implied vault. What hasn't been happening is the realized move yet and so it's like where is the realized move?

When do we sort of say hey uh this is going to hell in a hand basket?

Oil goes up even if the war doesn't sort of get worse. I mean no one wants to see more casualties. Like I'm not pro war

more casualties. Like I'm not pro war for any real material reason. Uh but for purpose of this conversation, the more oil goes up or the longer it stays higher, then we have the inflation, the

rate thing, blah blah blah. Macro

uncertainty, Trump may not and Republicans may not take the midterms. What are the economic impacts of that?

Software is eating our lunch. You know,

it can all get spiral quite ugly.

There's a lot of reasons for there to be a decent draw down. I think we could all make that case, right? So, Vault and oil now extremely correlated. Uh well, check out this chart, right? This is the

movement of equity vault via the VIX and crude oil.

So VIX in this case is the bar or excuse me the line chart crude oil CL future is the bar. And so you can see here what's

the bar. And so you can see here what's happening. And so there's a small front

happening. And so there's a small front run there or VIX or whatever it may be right before oil spikes. But these two are now very correlated assets. And so

the more that oil goes up or if oil oil goes to 150, you go, "Oh, Brandon, what is the reason if oil goes to 150 that the VIX would possibly go lower?" I

don't think it could happen, right? And

if the VIX really starts to go to, I don't know, 25, 30, 35, you're telling me we're not going to have a big equity draw down on that? That seems almost

impossible to to believe, right? So you

could see those correlations start to to be put together. And the big thing with this is normally what you would say into a big options expiration, right?

Normally what our spiel here would be, we sell off into OPEX. OPEX releases a bunch of VIX calls. It releases a bunch of expensive equity puts and then the

market has a big rally. And you know, this was a thing we talked about a lot into November options expiration, right?

We said, look, through the Thanksgiving holiday, we should see the rally. Same

thing happened into December options expiration, right? We made a low

expiration, right? We made a low December opex. We rally into Christmas.

December opex. We rally into Christmas.

Uh January, look, same thing low there, right? We rally. So the problem is that

right? We rally. So the problem is that during these previous time periods, we didn't have the same situation now with

this giant known unknown of the war. And

so the clearing of the positions is not a hey, I'm closing my puts up. I'm

closing my hedge up. I don't need it anymore. Yatsi, let's go. It's I can

anymore. Yatsi, let's go. It's I can close my let's say VIX 25 calls and I'm going to roll them to you know April May

whatever it may be right I'm going to close my 6600 S&P puts now I'm going to roll them to 6250 right which relieves short-term pressure but doesn't totally

clear the deck um so that is the the risk that we have here in in some of these ways right and I think that's the

problem Um, Martinez saying, "S&P uh deltas hit 7.4 billion positive as price was still moving lower." Um, shout out to Scott

moving lower." Um, shout out to Scott Scott Pulcini on here who's a great futures trader and he talked about this in the past. Excuse me one sec.

Pardon me. Um,

geez, excuse me.

um it is a sign in the market right when we know there's positive deltas coming into the market and positive deltas simply means if we look back at this chart and what what Martini is talking

about here is you have this hero bid right this is positive deltas what does that mean people are selling puts and they're buying calls that's positive inflow in the market and that's pretty s

substantial flow into the middle of the day and the S&P just stood stayed flat right now part of that I think was the FOMC but the Another thing what that's telling you is if if these big options

flows are coming into the market and we're not getting bid in the market then when these when this value turns watch out right because what that's telling you is this supportive flow of the

market when it goes away then there's nothing left holding this thing up and that seemed to be what happened in this case and this works I think at shortterm views meaning like on on the hourly

there's a big hero bid and the market didn't rally but even over the course of the entire day. And if you look at this range, eight billion is the biggest positive number we had over the last 30 days. So, you know, we're at 5.3 uh

days. So, you know, we're at 5.3 uh maybe a little bit higher. So, that was big positive delta flow this morning.

Didn't didn't help the market rally in this case, right? And in fact, as soon as that flow turned off at 2 o'clock, right, the whole thing just really uh kind of dumped on us. So, that's the

important um I think takeaway from there. Chuck saying that 6650 support

there. Chuck saying that 6650 support health. I don't know why that would be.

health. I don't know why that would be.

Romano's asking how much does recent drift up what I attribute to Vanna and charm. I don't I don't think that

charm. I don't I don't think that there's really much, you know, the idea that one is Vanna and one is Charm and and everyone always wants to invoke two of them, right? Like it's Vanna and

Charm. Uh I I kind of just think that

Charm. Uh I I kind of just think that like trying to pull those two apart feels a little bit No, I don't want to hurt a lot of

people's feelings. um

people's feelings. um there you know it's like if you draw a vin diagram there's like you know massive overlap between those two things uh and when you have very high volatility the decay of options is

different from when you have low volatility right so it you know it's a little bit different but the point is is that I think that the the the short market rally we had here to 6750ish

was a result of options expiration why would you say that the Iran situation looks as bad as it's ever have I mean we

have the, you know, big political uh figures, right, resigning. We have oil at 100, which is, you know, maybe not the high of this episode, but it ain't

coming down, right? Um people pulling out the coalition, you know, France saying basically you're out. So, it's

not like this is looking good at the moment. Now, that could all be absolved

moment. Now, that could all be absolved tomorrow. I don't know. But, uh we we

tomorrow. I don't know. But, uh we we referenced Poly Market this morning. Uh

and and maybe poly market is non nonsense. I don't you know but good

nonsense. I don't you know but good guess any. And is this going to be over

guess any. And is this going to be over for March 31st? 8 89% chance says no, right? Uh that I mean I guess that seems

right? Uh that I mean I guess that seems as accurate as anything. So if this situation if this is the known unknown is not going to end before March 31st and oil doesn't come down then why

should Vault come down? And so you know again I think in this case where we normally say well opex will bring this big sharp rally. I think we got the rally and it was a little baby rally, right? And that and that's and that's

right? And that and that's and that's it. Uh, and I think what ultimately

it. Uh, and I think what ultimately we're going to see here is this move down to this area which is the JP Morgan position. Uh, which you could talk

position. Uh, which you could talk about. But let me round out this oil

about. But let me round out this oil vault situation first. Um, and and just kind of, you know, bring that home. So,

as oil rallies, V, you know, rallies as well. And so here is that JP Morgan

well. And so here is that JP Morgan position from uh 2025. But before I get into that, uh let's just talk about where the JP Morgan position is right

now. So if we go into EquityHub and you

now. So if we go into EquityHub and you want to see the latest in dealer positioning, what we do here is we collect a whole bunch of exchange data.

We model that out and this is showing you how hedge funds are positioned. So

we track whether they are buying and selling positions. We've been tracking

selling positions. We've been tracking this over the course of a year. So we

build up a big inventory of positions.

We think we're very unique uh in terms of entities that could do that. And then

what we could do is we could zoom in and see where all these positions are. Now,

if you don't know what the JP Morgan collar position is, Google, you know, YouTube, spot gamma, JP Morgan, we walk through the position, but they have big positions that roll off every quarter.

And in this case, if you look at 6,500, what do you see there? You see 25,000 negative puts. It means dealers or

negative puts. It means dealers or market makers are short puts at that strike. And also at 6475 they're short a

strike. And also at 6475 they're short a net number of 24,000. So some of you on my chart when you see 6500 Brent it's not the specific JP Morgan position. I

don't care about that specific strike on that note in this case because there's two blocks of fairly chunky puts right.

We know the JP Morgans expire exactly on 331. But it's this zone where there's a

331. But it's this zone where there's a magnet or a support area into 331 expiration. Now if we look at the gamma

expiration. Now if we look at the gamma lens here, generally speaking, I say that the low of the market is going to be where negative gamma trough. So

there's two troughs here. If you look at this, there's 6680, which is where we were this morning and we kind of puked from. And in fact, if you look at how

from. And in fact, if you look at how this steep this local positive gamut is, the whole curve doesn't get positive, but you can see this builds, right? What

does that mean? There's a lot of people who sold calls above the strike. We were

unable to push through that level. So,

there's two downside levels now. The

6680, we gave it up and now you can see this negative gamma really troughs into this kind of 64 6350 level. So, let's

say that we wake up tomorrow and we see oil at 120. I would think that the equity market would be S&P could trade down into the 6,400

and we could break that JP Morgan level at 6500, right? And maybe then after we come back

right? And maybe then after we come back up to it, we sort of pin to it. We have

some attraction to it. But the two levels that I would again pay attention to for downside is that 6,500 is first stop. The worst case scenario that I see

stop. The worst case scenario that I see in the short term is 6350 because that's where this gamma positioning. The idea

here is that as gamma gets more negative, there's more futures or more stock that has to get sold by the market maker community and that seemed and that would that would sort of subside under this level, right? Because that gamut

gets less negative as we go lower and that seems to generally be a pretty good uh methodology for tracking market lows.

So those are the two major downside levels. Now, if we go back to this this

levels. Now, if we go back to this this regular chart, what you could see here is that that is not all that much lower from where we are at this moment, right?

I was talking before about at some point we need to realize some ball and we're just kind of not. So, that JP Morgan position, you know, is roughly about 2% down. We could open up down 2%, you

down. We could open up down 2%, you know, tomorrow in a in like a heartbeat, right? We could it could be like that.

right? We could it could be like that.

And the positioning, I think, again, would be roughly supportive. Why?

Because if you are the dealers on the other side of these options, that's 50,000 short options, you're incentivized to try to get the market to close at or above that level. It's like

a shock absorber, right? So, there's

what we call path dependency here, meaning we could trade way below it and then rally back into it by 331, which is this line, right? Uh we could pin to it.

Market could just ignore the whole thing and just blow through it if oil goes to 200 tomorrow. But I suspect and if you

200 tomorrow. But I suspect and if you go back to the tariff drama of last year and how bad that was, there was moments in time where we all thought the the uh financial system was going to

collapse, right? The market still seemed

collapse, right? The market still seemed to support these levels. What I'm trying to drive home here is that we have another shock absorber, downside shock absorber here at 6,500ish.

And I would think that the market would respect that into sort of Friday and maybe into the end of the month. But

when you move past March quarterly options expiration, that goes away. And

so the thing that I'm worried about in this situation, you know, that's only about a week from now, which is a lifetime in terms of what's going on this geopolitical side. But you need to make note of these levels and make note

of the fact that maybe this lack of realized V could jump or we'd have that V start to realize once we move through quarterly

OPEX and these positions start to be removed, right? We're going to we're going to lose a whole bunch of positions here on Friday and a whole bunch of uh not a whole bunch, but just that other

major dealer hedging position area um on on 331. So, those are two important

on 331. So, those are two important things to realize. And if you go, well, Brent, can this one position really matter that much? You know, I'm not really buying into this whole thing. Uh,

I want to talk about two interesting scenarios. One is something that I have

scenarios. One is something that I have a high degree of confidence in discussing because it was only a year ago. This is March of 2025. And it's so

ago. This is March of 2025. And it's so fascinating the way that things line up.

I mean, it's fascinating when you look at this chart. What do you see? When did

we make a high in the market? Feb opex.

And then what happens? Market starts to sell off between Feb and March. You

almost could point to this chart and say, "Oh geez, this looks exactly like right now, right? Price area is slightly different, but we sell off right at

February opex. Interesting. Uh, okay. We

February opex. Interesting. Uh, okay. We

go down into VIX expiration. There's

there is a decent market bounce, right?

But what am I really talking about this for?" Because the JP Morgan collar

for?" Because the JP Morgan collar trade, the puts that JP Morgan owned were at 5565 and they expired on 331 2025. Look at

what the S&P did here into this VIX expiration period. It bounced once at

expiration period. It bounced once at that level, right? Uh it rallied up and then it bounced and closed basically right at that level on

331.

Again, if you're the dealer, you want that thing to expire worthless. That's

what you want. And then we did have a brief one or two day rally before markets absolutely just puked. So this

JP Morgan position went away here at the yellow area at the yellow arrow and then it was a couple days later market just had its kind of penultimate or it's would be the penultimate I don't

describe that exactly but you know significant draw down and then all that cleared up with April OPEX. So this is the the analogy I would say to this

current market where you lose some of this position. what was going on in

this position. what was going on in March of last year. Everybody knew the tariff situation was terrible. Trump

would just tweet. He would just throw crap out at people and it would be like we're we're determining geopolitical trade policy whatever on truth social like

this is this is bananas and it broke broke things significantly, right? And

you could see though how these positions maybe arguably supported the market in a significant way. Those of you who are

significant way. Those of you who are also spot cam subscribers remember another analogy to this, right? And I'm

not saying that this is COVID, but do you remember in March in February of 2020 and everyone's looking around at CO be like, look, there's people dropping dead in China and now you know it seems like everyone's just getting on planes from those areas and going every like

what is going on? Why isn't the market reacting to this? And then Feb hit Feb OPEX and we just pile drive south into March OPEX and then March OPEX was the low. So kind of an interesting analogy

low. So kind of an interesting analogy not only from the fact that the market is holding up in the situation where people like why is that happening and then in Feb opex things break. So um

really like kind of curious and and funny analogy. So um again 6500 the area

funny analogy. So um again 6500 the area to watch I think for certainly through Friday and I think through next week if I was looking at hedges I would be

looking at put flies for 331. So like

long the 6,500 put, selling two some strike under that and then buying another one like farther down for example. Uh I think that type of a hedge

example. Uh I think that type of a hedge would be quite interesting uh in this type of situation. I think put flies in general are the I don't want to say the only way to go because you could obviously pay up if you need that that

ball, but the cheapest way to go uh in this situation. Yeah, Floyd's pointing

this situation. Yeah, Floyd's pointing out the massive volume at that time uh and massive uh volume in the low and that's exactly right. You know, those

are great things. Look at uh yeah and um the 6500 puts are the quarterlies. They

expire on 331. So that's a critical thing to know here. And that's why I very clearly marked that here, right?

March quarterly options expiration uh is when these 331s will expire. Um so

there's a lot of decay, right, related to these positions. But if balls stay high, it sort of retards or slows that decay a little bit. And I think that's a

critical uh thing to understand uh when we're talking about this. Um okay, so um those are those are the ways that you

know that is what lays this out, right?

And just to kind of resummize this entire thing, we have a massive VA premium, right? The VA premium is

premium, right? The VA premium is massive.

We've proved that. We've shown that in some of the slides here. That V premium though is occurring with the VIX at 25 which is very unusual. You would expect

a big V premium to occur with VIX at 40 or 50, right? So big number. So what

that's telling us is traders are hedging stuff but we have not had big realized moves. Realized ball in the S&P again is

moves. Realized ball in the S&P again is 12. The risk here to me is that realized

12. The risk here to me is that realized ball jumped significantly. Right? We

finally have a two or 3% downside move.

Then all of a sudden, I think you see VIX and implied ball release. That's

where you're going to get VIX 35 or a 40 right?

The timing for that, we could have a 2% draw down move. I

think, you know, a lot of that is related to what oil does. If oil goes to 120 tomorrow or 150 tomorrow, guess what? I think the equity finally

what? I think the equity finally realizes. But if oil just stays over

realizes. But if oil just stays over 100, maybe goes up a little bit more, 110, maybe 120 sort of slowly over a few days, then I think we absorb or the S&P

is absorbed or finds the support at 6,500. If oil jumps significantly and we

6,500. If oil jumps significantly and we have something of a mini shock before then, then I think 30 6350ish is is the short-term low in this market and we could still rally back. So let's

say we crash tomorrow, we could still rally back to 6,500 based on the JP Morgan position. Hopefully that makes

Morgan position. Hopefully that makes sense. That 6,500 is gonna be very

sense. That 6,500 is gonna be very important once 331 goes away. I'm not

saying we have to have a significant crash. I'm saying the ability for the

crash. I'm saying the ability for the market to have a major crash all April of last year significantly increases.

And if you remember back to poly market, poly market saying I don't think that the they don't think or the market right the betting market doesn't think that this situation resolves before 331.

I'm going to take that as a my best guess is what I think could happen. So

the idea that we visit this 6,500 area into 331 if not sooner totally makes sense to me and I think we have to lean that way uh based on positioning. Why

also if we look at trace and we look at the dealer gamma map, this is the latest map you can get. What do you see when you zoom out? You see nothing but negative gamma all the way down to that level. Why does that matter? Because if

level. Why does that matter? Because if

the market keeps going down, as we saw in the other GEX chart in our equity hub, market keeps going down, dealers should just keep kind of selling.

There's no reason to buy this market up, right? And if the ball premium can't

right? And if the ball premium can't contract, there's no reason for that market to get bid, right? What is the reason that people want to buy stocks right now? Nobody has one. And I could

right now? Nobody has one. And I could prove that to you. I know I'm still jumping around, but I could prove that to you here. Let's look at this. Uh if

we go and we look at our equity hub stuff here and we look at the top stocks and we say show me what the call skew percentile is versus the put skew percentile. What do you see here? Low Q

percentile. What do you see here? Low Q

low call skew percentile high put skew percentile. What does that mean in the

percentile. What does that mean in the spiders?

We have six percentile. What does that mean? 25 delta calls relative to the at

mean? 25 delta calls relative to the at the money call is as cheap as it's been.

6% of the time they've been cheaper.

That's it. That tells me one thing.

Nobody gives a crap about owning calls.

Nobody wants them. Put skew 88th percentile. Everyone's in puts. Now, the

percentile. Everyone's in puts. Now, the

level of overall volume is a little bit high, but 6 percentile is nothing. So,

if you want to get long the market, calls I would argue, are cheap. Call

spreads make a ton of sense here. Buying

stock, why market got two, three%, you'd be crushed. But you could buy cheap

be crushed. But you could buy cheap calls, cheap call spreads. That's what

this is telling me.

And it's also telling me look at all the names. Everything is correlated in this

names. Everything is correlated in this corner. Nobody want Nvidia didn't spark

corner. Nobody want Nvidia didn't spark any upside. Nobody wants financials.

any upside. Nobody wants financials.

Nobody wants crypto. Nobody want

nothing. Nobody wants any of it. Calls

are forget it. Right? Everything is this high correlation situation where it's like either we own equities or we own bonds or we own oil or we own commodities or own cash. Nobody wants

gold for whatever reason.

So this is not a situation where you're like oh uh Salesforce is a value oh you know this stock is worth value like no it's do I own equities or not this is a

huge correlation trade kind of unwind in in in that respect so I'm jumping sort of all over the all over the place I know in the last few minutes but to the downside now people are worried about

that downside and the argument is well if everyone knows that the credit market is a little chippy and the oil market should chippy, then it's hedged out and it's fine. No, the market is not

it's fine. No, the market is not respecting the chance for that jump risk, right? It's like, yes, the market

risk, right? It's like, yes, the market is hedged for a one to two% market move, but it ain't ready for that, I would argue, or or it it it's not positioned

for that more substantial realized move, right? Where suddenly, again, we have a

right? Where suddenly, again, we have a 2% down day and then all a sudden, I think VIX explodes. So until that Iran oil situation is resolved, I don't think you want to be short options really at

all here nor calls nor puts uh because of that that whole dynamic.

Um they do want MU and SanDisk. That is

true, Taif. And that I don't you know uh that stuff makes sense. And you know, you look at like EWY, which was just going off for example for a while. You

know, that sort of gave them a pass and bounce.

There's supply chain issues, I guess, now with Iran situation, aluminum and this and that. I'm not obviously totally unqualified for that. It just clouds the entire situation, right? And and the

fact that Nvidia didn't say anything that inspired anybody to me is just like, okay, Sandis, for sure people want that even in this in this downside market. No doubt. uh but

market. No doubt. uh but

it's a little bit different question is is it too late now to add to hedge I think put flies are great now the thing with put flies in this situation like if you buy 650 spider put and then sell two

under that for example um if the market has a sudden draw down and V spikes that hedge ain't going to look great right but if we if we pin into that or V you know market kind of crashes 6500 and

then sort of trends sideways for a little bit then that put hedge that that put flag could look great puts outright puts expensive right now. I think you'd have to go at least put spread, but I

like kind of what I like to do is layer shortdated put flies. You can get one DTE Spider QQ IWM put flies 1% on the

money for you know 10 cents. Um because

the idea here is like at this point I'm not trying to totally isolate my deltas like if I own 100 shares of spiders. I'm

just trying to protect myself. We have a big gap down for example. Uh Micros down 20 points after earns Michael White. Uh

yeah, I mean, you know, to that point, SMH actually was looking pretty good today. Like it was bid, it was over 400

today. Like it was bid, it was over 400 uh for a brief second, right? And and I was thinking, okay, like this is looking all right. And it's just totally puked.

all right. And it's just totally puked.

And and why is that? Well, look at the correlation of this market, right? I

mean, we talked so many times in in the last year about correlation and correlation spasms and all this and and what is this telling you? When this

correlation metric gets low, right, and let me change this to a line chart because there's some ghost prints on there. When this metric gets too low,

there. When this metric gets too low, it's a sign that people are too bulled up on stocks, right? And that causes like these short crashes in the market.

And we've talked about this ad nauseium.

We have videos about it. we have

subscriber notes about it all of it right but when correlation is spiking that's telling you that all stocks are crashing in unison right it's risk off

in everything so this is when I was talking about this market is not do do I own software stocks or do I own chips or do I own industrial like what what sector do I own that's not this the

conversation reason now do I own equities at all do I have to go own oil do I have to go own bonds do I want to buy long bonds if I think rates are going to go up because oil's going to go up Well, then what do I hedge with?

Tricky tricky question, right? I think

right now it's V. But correlation, it's not it's not even as high as we were in April. So if oil goes up a little bit

April. So if oil goes up a little bit more, correlation goes up a little bit.

Why does that matter? Because

correlation is linked to to vault to equity vault.

Because why? You sell your Nvidia, you sell your Apple, you start to sell all of your stock, it doesn't matter anymore. The whole correlation trade

anymore. The whole correlation trade just is gone. the equity correlation trade because you're off, you know, you're off worried about buying against

some other asset instead of equities or just going to cash, right? Um, and so, you know, is this correlation spike significant? This is just an index

significant? This is just an index obviously. Uh, so there's some issues

obviously. Uh, so there's some issues with how it's indexed and it's fixed to one month correlation. But if you look at 2022 when we had the Iran uh excuse

me the the Russia Ukraine war tick off and we had a brief pop in oil and that's and it was kind of a gross situation.

Well look at where look at where correlation spiked to and if you remember long bonds in the 6040 portfolio is the death of the 6040 portfolio because we were raising rates

and and buying bonds didn't really hedge out your equities and that kind of sounds a lot like current situation. And

so again, another reason I was like, why do you really want to own stocks at this point until and unless that I ran situation resolves, right? Um so, you

know, there's a there's a lot to be so that um yeah, a lot of stuff setting up for next month. I I you know I kind of feel like

month. I I you know I kind of feel like that way Floyd I in the past the times that have caught me in the past is you you kind of like form a thesis like this

right and you kind of like say this is how the positioning lines up and so I'm going to hedge on 330 because 331 the positioning goes away um and you try to get too cute with the exact timing and I

think in this case you know you you lay out what the risks are before and and you put some positioning on a little bit before you think like a big spoke could kind of happen, right? And that's why I

like shorterdated put flies playing a 6500 move. And then also, you know, you

6500 move. And then also, you know, you want to look at maybe some sort of type of trade that would benefit if V does have kind of a much bigger spike, for example. Um, and and there's a lot of

example. Um, and and there's a lot of cheap ways to play that. And are those low probability trades? Yeah. Like

betting that there's going to be a huge V spike, I would never put my entire portfolio into it. But you have these situations where you have these known unknowns and and you need to uh I think

respect them sometimes, right? If

there's no Iran war right now, then why would you own volatility upside? Like

you just wouldn't. Why why would you do that? But now, you know, things are

that? But now, you know, things are starting to line up a little bit more.

Um yeah, and the and the credit market again uh not really working our favor.

So I want to leave with this one food for thought thing. I'm not a macro person at all. I just think it's super interesting. I'm not calling for the end

interesting. I'm not calling for the end of the American economy or anything like that either. Uh I just think it's a

that either. Uh I just think it's a fascinating sort of analogy to think about before we sort of sign off here and I appreciate everyone sticking with me and coming back at 5:30 and I know uh we were uh we had some of those tech

issues. So hopefully that this

issues. So hopefully that this presentation has been food for thought and added some value here. We're going

to be in detail again with this uh on Jack on Excess Returns on Saturday. So

please check that out. Uh if you are not yet a spotgamer subscriber, if you go to spotgamer.comex,

spotgamer.comex, you can get our flow patrol report for free for five days that shows you how people's uh how op other people's positions are there shifting around. So

you can check that out. We also have a new plan called spot gamer essentials.

And so before I show this last chart, uh it's a brand new membership uh level we launched. It's it's it's very reasonably

launched. It's it's it's very reasonably priced, $99 a month. And I think these next two weeks are proof is in the pudding, right? if you're going to get

pudding, right? if you're going to get anything out of the options data and the analytics, it's going to be over these next two weeks. And so I think it's a fantastic time uh to try that out. So go

to spotgame.com to try that out or go to spotgam.comflow patrol if you just want

spotgam.comflow patrol if you just want to try out flow patrol. Uh so a couple different ways to check that out, but the flow patrol report is free. Um so

you can always grab that. Uh but let me just end with this one chart. This is

kind of funny and you know I say it's funny. I'm sort of tongue-in-cheek with

funny. I'm sort of tongue-in-cheek with this because I really don't understand uh all the implications of this, but I try to put the pieces together and just thought it was interesting. Now, I'm

dating myself. Uh but I kind of got on to a bank desk. Uh I was at Bank of America, uh 2003, so 2003, 456. Uh and then I went to

Credit Swiss. And so I was at the banks

Credit Swiss. And so I was at the banks and I vividly remember the last time that crude oil just kind of went nuts, right? Um, and so you can see the the

right? Um, and so you can see the the CL1 here. I don't think that this is

CL1 here. I don't think that this is this axis is exactly right, but there was a giant massive oil spike where it went into the 150s, right? And and it was kind of like the end of, you know, oil. I remember there's that funny guy

oil. I remember there's that funny guy who died in his hot tub. I can't Matt King, I think his name was, who was talking about, I don't know, the last of the dinosaurs had decayed or something.

I forget the exact whole story, but I remember vividly when oil spiked uh in early 2008, right? And what to me was so fascinating about that was it was sort

of right after that that the great financial crisis kind of really picked up and into gear. And you know what made me think about that before was if you think about the inflation pressure and

what that high oil does and you know the implications of that on the economy and stuff and I know that bear sterns had already gone down at this point but it was just so interesting that you get that oil super spike and then there was

this just deflationary impulse all of a sudden when the great financial crisis hit but this gold line here is the S&P 500 and it absolutely just like crashed in the second half of this year and and so you sit here and sort of think about

the implications of if we do get this kind of major oil spike now into the 150 to 200s and rates now start to jump and then obviously the midterms are in turmoil and it's you know you see the

chain of events that could set up while we're having some you know private credit kind of issues and if rates go up that certainly doesn't help that I'm don't know the macro piece but you know I understand that higher rates are not good if we're having credit problems

right so you could sort of line these like kind of cascading things up I think it's um you know such a fascinating kind of mini analogy I'm not calling again for a great financial crisis or whatever. I just thought it was, you

whatever. I just thought it was, you know, food for thought, something to talk about. Uh, put some flames on it.

talk about. Uh, put some flames on it.

Put that analogy on Twitter and you'll probably get a bunch of new followers, right? That's how that whole thing

right? That's how that whole thing works. Uh, so we're going to wrap wrap

works. Uh, so we're going to wrap wrap it up here. Again, if you uh want our free report, if you go to spotgam.comflow

spotgam.comflow patrol, uh you can pop in here uh pop your email in here, get free Flow Patrol free for one week. It is our uh amazing new well

one week. It is our uh amazing new well it's not new I guess anymore it's about six months old but what we do and you can see that in the report up here we break down exactly how hedge funds shift their positions day overday uh it's a

massive report chocked with incredible information unusual options flows and this all comes from our proprietary options data. So again if you go to

options data. So again if you go to spotam.comflow patrol you can pick that

spotam.comflow patrol you can pick that one up uh and join us with the new spot gamma essentials membership. It's really

great. Uh, so I will pop that one in there. Uh, please join um via the flow

there. Uh, please join um via the flow patrol there. Uh, Bob Latin uh, Atlantic

patrol there. Uh, Bob Latin uh, Atlantic Coen. Bob, I hope I pronounced your name

Coen. Bob, I hope I pronounced your name right. Really appreciate it. Uh, Whiz

right. Really appreciate it. Uh, Whiz

Kid, you are welcome. CB3, thank you so much. Um, I'm glad that you're getting

much. Um, I'm glad that you're getting value out of that. Uh, I got to get a high power antenna. I'm being driven Mayback. You know, that's true, Michael.

Mayback. You know, that's true, Michael.

Um, next time we tell my driver to get a better antenna. Maybe I got to get the

better antenna. Maybe I got to get the uh you know, maybe what I need is uh what's the Elon Musk wireless internet?

I'm driving Starlink till my mind's starting to go here uh a little bit later in the day. But thank you everybody for uh dealing with the tech issues and for coming back to join me here at 5:30. So been going strong here

for an hour. Uh for subscribers, I believe I'm on dock. See you tomorrow at uh at 1 pm. So I'm kind of uh back in my normal routine here again. We'll have

Jack and the OPEX effect out on Saturday. Any questions, email us info

Saturday. Any questions, email us info spotgam.com. And again, to all Spotgam

spotgam.com. And again, to all Spotgam members, thank you especially uh for being part of the community. Hope that

today's discussion was helpful and we'll see you all soon.