—Fed ignites rippin rally on dovish tone
—Bonds played little role in the rally
—SPX ends week dead-on upper EM
—Russel decides Jerome Powell is a Demigod
Volatility abnormalities--
—1 year implied volatility screams risk
—short term imp vol crushed
— realized vol still dead
—skew sky high
Trade Opportunities--
—premium selling continues to dominate
—volatility crush opens up vix trades
—Chinese markets
SPX Expected Move--
--last week EM-- 67.73
--next week-- 57.49 expected move