1/x I’m going to do this early & keep it short today... EVERYTHING FROM YESTERDAY STILL APPLIES, but I’ll add a little more texture here. Tomorrow morning is vixperation. Which is another 1 of Vanna’s big mornings. It is also Fed day, which is historically the most bullish days https://twitter.com/jam_croissant/status/1338761133973450753

2/x of the year. In particular there is significant potential headline risk to this fed meeting b/c of what it says about what the Fed will do to ease liquidity concerns surrounding EOY... This paired w/ potential headline risk around the fiscal stimulus plan, would make me very

3/x worried, if I was exposed to upside risk in the market. That doesn’t mean that we can’t get disappointment on either of these fronts, we clearly could. & given vanna’s diminishing role after the open, it will likely pay to take profits if vanna is able to muster another push

4/ up to our next level overnight. Historically the best time to buy gamma for the fed is right between the 1pm CST announcement and Powell’s commentary. I’ll be looking to take a small shot on some gamma in this window into 12/21, if it gets cheaper than it already is here.

5/x Assuming, we stay above the 1 std dev down of the 20 day by EOD 12/21, it’ll be time to turn back short short-dated puts & long, post 1/22 calls with an eye for a Christmas rally into 1/5-1/11, as discussed. Good luck!!!