Volatility did not rise in the midst of selling
--vol complacency
--markets are tired
--options volumes have subsided
FOMC is BACK but too little too late
--FED meeting
--quarter point baked in
--Quantitative tightening is underway
--CPI 7.9%, inflation will turn into stagflation
Bond Markets -have to do what the FED will not
--rates to pop, 10 year and short end of the curve
--junk yields need to fly
Financials- are margin and sanction hits forthcoming?
--exposure to geopolitical risk (JPM)
--commodity exposure and margin
--sanction shock to the global financial stability
Mega-Market Caps - the great unwind has begun
SPX Expected Move --
--last week -- 147.73 (expected move)
--next week-- 144.35 (expected move)