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VNX

Sep 20 2026

The S&P500’s Diversification Problem

CBOE dispersion index lower tech vols

SpotGamma believes traders should add long exposure via NDX/QQQ calls due to a potential rally in equities through mid terms which would couple with a potential increase in volatility. Both higher equity prices and higher volatility benefit call positions.

We prefer the tech-heavy NDX vs SPX due to a “diversification drag” the S&P500 may experience.

Written by SpotGamma · Categorized: Market Analysis · Tagged: beta, correlation, nasdaq, NDX, oil, S&P 500, SPX, VIX, VNX

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