SPDR S&P 500 ETF TRUST

Groundhog Day

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It feels like groundhog day whenever CPI prints roll around.

Last time on our game of "Has Inflation Peaked?" the Fed was confident inflation was going to decline MOM.
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But we see things outside the FEDs box and realize that inflation is in fact sticky
Sticky Inflation will cause a Second Leg Down


I'm still counting on 4005 to remain supportive.
How a 17 Billion Fund Hedges Delta


There is a gap back down to 3905.

Should 3905 fall, big hedges like JHEQX could flip negative gamma and accelerate a decline to ~3200 and a VIX ~40.

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