Why the missing 0DTE condor flow left SPX in negative gamma below its risk pivot, and which levels mark the difference between a bounce and a retest.
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Relatively Few Traders Are Positioned For The Right Tail
SPX right tail risk may be under-owned: the whole vol surface lifted, flows leaned to call spreads, and put flies cap the cost of hedging 7,600.
A Tech-Led Rally the Volatility Surface Has Not Confirmed
A VIX skew slide, an unchanged volatility surface and negative forward gamma explain why this tech-led rally looks transient to options traders.
Rising Correlation Is Thinning Out The Rotation Trade
Rising correlation, firmer fixed-strike vol and steeper 3-month put skew suggest the rotation trade is weakening. See where hedges still look cheap.
Traders Are Bidding The Put Wing Without Paying For Vol: Brent Kochuba On tastylive
How VIX expiration dealer positioning likely capped the VIX near 20, and what three-month SPX put skew suggests about hedging demand into earnings.
Tech Dip, Not Broad Equity Selling: Brent Kochuba On tastylive
Why the tech selloff rotation left equal-weight indices steady, what VIX term structure and correlation show, and how short-dated call flies play a bounce.
Why Option Premiums Look Too Thin To Sell
Why selling options premium offers thin compensation with short-dated implied volatility near its lows, and the SPX gamma levels that would change that.
Index Put Protection Is Cheap With 10-Year Treasury Bonds at 5.3%
SpotGamma founder Brent Kochuba joined tastylive to explain why index put protection stays cheap with the 10-year at 5.3% and bond volatility climbing.
Index Put Demand Returns Ahead of Friday’s Jobs Report
Brent Kochuba, founder of SpotGamma, on tastylive: index put demand, same-day options flow, and why weekly vol prices almost no risk premium.
NDX Call Skew Has Room While S&P Vol Contracts: Kochuba on tastylive
Brent Kochuba of SpotGamma joined tastylive September 22 on vol expansion, NDX call skew and the dispersion rebuilding across tech.