Portable Alpha Gains Momentum Amid Liquidity Challenges
State of the Portable Alpha Landscape I sit down with Shane McCarthy of LAB Quantitative Strategies for a deep dive into the portable alpha and return stacking landscape, including fresh survey data on how allocators are approaching this space today. 00:00 Welcome and Introductions 03:06 Portable Alpha Explained 07:36 History and Market Growth 12:07 Liquid Portfolio Challenges 18:19 Why Portable Alpha Now 21:04 Who Uses It Today 22:43 Betas and Alpha Building Blocks 26:29 Popular Hedge Fund Alphas 28:54 Convergent vs Divergent Blend 32:52 Advisor Questions and Innovation 37:21 GFC Lessons and Implementation Risks 38:26 Sizing the Overlay 42:59 Tracking Error Targets 44:18 Implementation Options 47:33 One Stop Shop Terms 49:41 Industry Adoption Trends 52:02 Beta Instrument Tradeoffs 58:27 Systemic Risk Debate 01:03:51 Liquidity and Alpha Buckets 01:07:31 Providers and Alpha Capacity 01:09:06 Financing Costs and Wrap Up
Soybean Bears Face Disappointing Day as Bull Spreads Flip
This is turning out to be a very disappointing day for the bears in the #soybeans. Bull spreads have even turned.
IWM Puts Cheap—Sell Now for Pre‑weekend Hedge
Near dated $IWM puts are way too cheap given my view of the probability distribution of outcomes over the next week. At a minimum you can probably monetize them tomorrow into pre-weekend hedging if you don't want to own them...
Quarter to $100K Lifetime Option Earnings, Top Tickers Revealed
Quarter way of $100,000 in lifetime option earnings. This year has been slower in option income due to some assignments. But we live and we learn everyday. Top 3 income tickers: 1. $SOXL - $2703 2. $HIMZ - $2360 3. $OSCR -...
Monitor Options Activity to Spot Market Manipulation
watch the options activity ahead of this to see how they think they can manipulate us and our markets
Physical Brent Commands $20 Premium over June Futures
When looking at the oil market: Brent **June** futures (settled at the end of April): That's trading at ~$102 a barrel. But physical Brent market for prompt delivery: That's trading at ~$125 a barrel. There's a big difference depending on when a refinery needs...
RBI Bans Banks From NDFs, Rebooking, Related‑party Forwards
Rbi saw that banks moved their positions to corporates or perhaps related parties and have said: Banks can't offer ndf rupee contracts to anyone If you close a contract from now, no rebooking, even if it's a deliverables contract. Banks can't deal...
USO Iron Condor Targets 115‑135 Range Through 2027
Oil (USO) interesting trade September 2027 as the $140/$135/$115/$110 Iron Condor trades 1000X expecting a 115-135 longer-term range to hold
MO Crashes; Bought April Puts at 5000x
$MO ugly with some news this morning and had those Apr. puts bought 5000X other day https://t.co/ChO9ndG1S1
Model Signals New Equity Buy as VIX Drops
my S&P 500 $SPX vs. volatility $VIX model fired another buy signal for equities yesterday as it settled... https://t.co/3FNpIhBqkB
Brent Price Plunge Driven by May‑June Contract Roll
The big drop you see in Brent crude prices overnight is primarily the prompt (ie front-month) contract roll from May to June May Brent crude contract expired at >$118 June currently [somehow??] trading at $101 So relieved to hear this will be entirely...
Hormuz Closure Sparks Recession, Futures Hint Deflation
Hormuz Closure, December Futures Signal Post-Inflation Deflation - The closure of the Strait of Hormuz might have already triggered a global recession, with lose-lose implications for most risk assets and commodities -- particularly crude oil. Rolling to front-month just before...
SPX Slides, JPM Put Gains as Political Tension Spikes
This is downright freaky. From Feb '25 - Mar 31, the SPX was down 9%, & closed on the JPM 5,565 Put on 3/31 Then came April 2nd "Liberation Day". The SPX subsequently dropped 10% 2026: SPX -6% from Feb, rallying to...
Gas at $5 vs 5% Bonds: Inflation Signal
Natural Gas $5, T-Bonds 5%: Inflation vs. Deflation - January (Jan27) US natural gas futures and the 30-year Treasury bond on the same scale highlights inflation vs. deflation implications of $5 per million BTU gas and 5% yields. Full report on...
Light Portfolio Delivers 6.5% Alpha, 5% Beta Gains
Positions are super light. Alpha up 6.5% YTD 2% of AUM in SPX Puts bought on yesterday close A boatload of STIR bought higher but exposed to rate cuts and recovering That's it Beta up 5% YTD cuz own gold and commodities as...
Brent Futures Mirror Physical Market, Steep Backwardation
Brent futures are beginning to reflect physical reality $118. 35 closing price was only $0.68 less than peak Ukraine in late March 2022 Much steeper backwardation now https://t.co/N03VvzUcs3
Trump’s Iran Address Could Spark Volatile Futures Moves
If yesterday's rip-roaring rally wasn't enough and you were not entertained, then----- Tonight, Trump addresses the nation on Iran. Here are the scenarios, what I'd assign to each, and how futures likely react:
Instantly See True Liquidity, Avoid Margin Call Risk
Thinking you have deployable cash is a risky mistake that leads to surprise margin calls for many options traders. @Tradesviz Options Command Center instantly reveals your true liquidity, exposes hidden concentration risk in your Capital Reserved breakdown, and shows exactly when...
Early 2024 Record Low Volatility Sets Up March Surge
Might not feel like it now, but the first two months of this year were literally one of the least volatile in history. In terms of the range, it was indeed the smallest range EVER. To see a bigger move in...
Control the Process, Exercise Your Legal Rights Aggressively
In special situations, process is the only variable you control. Make sure your legal rights get as much exercise as an ITM call.
Value Area, Not VWAP, Is the Real Trading Edge
Everyone thinks VWAP is the edge… it’s not ❌ The real edge? Understanding the VALUE AREA around it 🎯 👉 Inside value → fade the edges 👉 Outside value → follow the move That’s the difference between guessing… and reading the market 📊 Comment “VALUE” and...
Brent Crude Jumps 60% in March, Record Gain
JUST IN: Brent crude oil futures surged 60% in March, delivering the biggest monthly gain ever.
Gold Futures Trade Long Above VWAP, Target 4724–4691
[FREE] 👉 Live trade 9am NY: https://t.co/66dSROf2rQ ─────── 📈 GC Current Price Above VWAP · Bias: Long ⬆️ Buy rips through 4724.20 ⬆️ Buy dips at 4691.50 ─────── 🌏 Asia ORB Readings High: 4724.20 | Low: 4691.50 | Range: 32.70 pts
Equity Put/Call Ratio Near 2‑Year Highs Signals Short‑Cover
The 5-day Equity-Only Put/Call Ratio has been sitting near 2-year range highs The setup for a short-covering rally was there Tough tape if you can't stay reactive $SPY $QQQ https://t.co/5RbeIFVmNC
Oil Futures Slip Into Backwardation as Hormuz Bottleneck Persists
With the Hormuz Strait all but closed, the crude oil futures curve is back to the backwardation levels of the first few days of the conflict. The front contract is about $23 higher than the 9th contract, indicating that the...
Few Can Handle >30 Volatility Both Ways
Actually, the takeaway should be that very few humans can risk manage something both ways (up and down days) when that something's Vol ramps > 30. At least this human didn't
Volatility Indexes Stay Elevated, Market Stressed Despite Credit Relief
Volatility indices across the spectrum have continued to remain elevated, from oil (OVX) to stocks (VIX) to bonds (MOVE). The market has remained in a state of stress, even as the drawdowns in the private credit leaders have moderated. https://t.co/iWYDR6GvD2
Big‑Bank Collars Neutralize Retail Bets on S&P
Don't even ask the question. The answer is yes, it's within the collar. Think the S&P is going to rip to new all-time highs? Sorry, there's a short call at 7155 capping your upside. The hedge fund already sold it....
White Smoke Signals New JPMorgan Collar Strike
White smoke can be seen billowing out of the top of the JP Morgan building as a new JPM collar strike has been chosen https://t.co/UWJFjOF7Rr
Long-Term Positioners Target March and June 2027 Calls
The long-term positioners coming into some calls for names today March 2027 and June 2027, one ingredient I like to see after nasty moves lower
0DTE SPX Straddle Slides to $32, Echoing FOM
to put this into context, i mark the average open px for the 0DTE SPX straddle at $44 2 hours left $32 is like an FOMC day https://t.co/nvzRnpkt0F
JPM Collar Pin May Boost Markets, Ease VIX Backwardation
"so the JPM collar pin of 6475 for end-of-day Tuesday ** could ** help to pull up markets to relieve the VIX backwardation we are in" 🤣😇 Lucky init.
War News Fuels Reflexive Sell, Spurs Leveraged ETF Buying
Gamma. Roll delta flips, month end equity buying not needed as much given price, sudden massive leveraged ETF buying now needed. All this in an environment which makes folks think the war news is actually the thing driving markets....
Silver Open Interest Hits Historic Lows on COMEX, SHFE
Extremely Low Positioning: Both #COMEX and #SHFE #silver open interest are currently trading at the very bottom of their historical ranges
JPM’s PM Moves, Not Just Short Gamma, Drive
If you think the only thing that's happening on $JHEQX collar is short gamma you are completely missing what the PM at JPM was doing to roll the collar before the rip and what they now have to do.
Selling QQQ $515 Puts Sets $495 Floor
Nasdaq (QQQ) 3250 September $515 puts sold to open $20.10, making $495 a floor level to eye later this year and even $515 itself is AVWAP off 2022 lows and long-term channel support https://t.co/AYJgeMyq8o
Confidential Swaps Launch: Private, Cross‑Chain On‑Chain Trading
Confidential swaps are now live on https://t.co/uilYXjP7S7! Confidentiality is the key unlock for onchain adoption. @near_intents is now the first cross-chain execution layer with protocol-level confidentiality. 35+ chains. Non-custodial. Not a wrapper, not a mixer. Users can share viewkeys optionally for...
Going Long on Big‑Tech Options Through 2026‑2027
i put on some medium and longer term positions past few days. $TSLA long 400 calls June 2027. (2X'd position) $MSFT short 350 puts and long 370 calls June 2026. $GOOGL short 260 puts and long 290 calls April 27th.
All the “Puts” Are the Same Simple Concept
Now we got the Buffett Put along w the Fed Put, the Trump Put and the Vanguard Put. This really isn't complicated, ppl just like to make it so.
VIX >30 Predicts Strong Yearly Market Gains
The $VIX closed above 30 in each of the last 2 trading days. Historically, this level of fear in the Volatility Index has been associated with above-average future stock market returns (+21% over the next year on average). But the...
Initiating Long Bond Shorts to Bet on Steepening
I am also beginning to leg into long bond shorts against a portion of this position to play for a steepener.
Euro, Pound Near Key Levels as Billions in Options Expire
$Eur approaching $1.15. Between today and tomorrow around 6.5 bln euros of options expire. $GBP approaching $1.3250 where GBP650 mln options expire today. https://t.co/bSx6eAhEKQ
TRACE Reveals Massive Negative Gamma, Expect Intraday Volatility
This is TRACE, the most accurate SPX GEX map you can get. It also updates faster than any GEX map 😏. Remember: +50% of SPX flow is 0DTE and so if you are tracking gamma, you need to see that...
Equity and Energy Futures Rise Simultaneously
Equity futures are up, but so is energy. Maybe we can have it both ways. 😀 https://t.co/i3bGq3ZY9M
Trump’s Hormuz Hint Sparks Overnight Futures Volatility
Coming up on @TheStreetPro Strategic Ambiguity or Absence of A Strategy? * You can't make up what happened last night in futures trading * A confusing statement by the Administration on abandoning the strategy of taking the Strait of Hurmuz makes little...
US Gas Futures Drop Below $3, Boosting Clean Generation
U.S. GAS FUTURESprices for the front-month have slipped well below $3 per million British thermal units to encourage more gas-fired generation and reduce coal combustion. Inflation-adjusted front-month futures have averaged just $3.05 so far in March (21st percentile for all...
Avoided Major Risk: #RussVol Breakout Into F‑Bucket
The mainline of risk to have avoided was this #RussVol Breakout into the F-Bucket https://t.co/bOeSGKPost
Managed Money's Oil Options Net Long 50× Average
Goldman Sachs on the oil options market: “… The rally has spread beyond the spot crude market, with net long options managed money positioning 50 times higher than its 10-year average as investors bought options with strikes as high as $450...
Asia's Coal Prices Surge as Gas Supply Tightens
Asia's coal benchmark is at a 17-month high as Middle East conflict chokes gas supplies 🪨⚠️ Australian Newcastle coal futures for April hit $144.25/ton on Monday (the March contract expired Friday at $135.60) Asian countries are expanding use of coal to cut...
Nike, RH, and Beyond Meat: Potential Earnings Lotteries
Nike RH & BYND may be the Earnings Lottos tomorrow They all may also IV crush 🤣