Flying under the radar is the insane skew developing in the
$SPX. They're buying the long end of the
$VIX curve and selling the front end almost every day.
Cash VIX at 14.85
October VIX at 19.10
This trade will unravel soon as CTAs continue to pound VIX short
$NVDA will probably not be the catalyst as Jensen comes out with a pink tutu and pompoms to cheerlead. It could be a nasty PCE on Friday. It could be the next couple of inflation reports. But there's still this gnawing chance actual Fed policy deviates drastically from expectations sooner rather than later... Like September meeting soon.
Career trade if dominoes fall just right.
$SPY $QQQ