Market Structure
Posts about flows, dispersion, news/macro impact, and how market plumbing shapes prices.
Get these in your inbox every market day.
AllSkewVIXVol SurfaceGammaTime DecayTrade StructuresSelling PremiumHedgingPosition SizingPortfolio ConstructionCryptoGoldSingle StocksMarket StructureTrading Process
The spike in implied correlation and what it means
SPX 3-month implied correlation just spiked to 0.40. Realized correlation? Sitting at 0.15.
Vol SurfaceMarket Structure2 min read
$50 billion moves a $50 trillion market
The US stock market is worth $50 trillion. The amount that actually moves it on any given day? About $50 billion. One one-thousandth.
Market StructureHedging2 min read