For the first time since the COVID lows, the Option Whale's calls did not finish in the money. The 'tourist examines what this means for the market.

Yesterday, the SPX Option Whale rolled their hedge structure; and it was quite different than anytime since March 2020.

So, it’s time for another option lesson. And for the less quantitatively inclined, don’t worry - I will include conclusions about what this might mean for the macro environment at the end.

Let’s quickly review the setup going into yes…

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