Maybe it’s just us, but markets seem really boring and indecisive this week. There’s not much to talk about unless you want to talk oil or bonds. We’re beyond sick of hearing and talking about oil (though we’re dipping a toe into some short positions here), and although bonds are always more exciting than people give them credit for (we’re still in love with munis this year), well, meh. We’re in the mood to do another newsletter takedown, so if you…
Wednesday, April 16, 2008
UPDATE: Adam makes basically the same point here. His comment at the end is that this morning’s sustained decline basically sucks the fuel out of any potential gamma fire, which is a good point. Sure, rallies like this are exciting, but on a medium-term view today’s action doesn’t prove much. We’re still within the recent trading ranges on all the major indexes, and although markets have really taken any good news as an excuse to rally and have shrugged off bad…
Thursday, April 3, 2008
So yesterday we suggested that everybody keep an eye on their deltas ahead of Friday’s big employment number. Well, if volatility readings today are to be believed, you could probably be trading blind today and tomorrow and not really notice – the index volatility indexes (VIX, VXN, VXD, RVX) opened higher but then sold off for the rest of the day. Maybe everybody got their “employment number” puts at the open. Either way, implied volatility is low just about everywhere,…
Thursday, May 29, 2008
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