Not much to say. We've entered the banana zone. It's good to be asset rich.

Here's some simple math (I'll post it because it's quiet and I'm working on simplifying this communication for clients and some courses I teach).

Middle class assumptions:
Year 0 annual living expenses = 100K
Year 0 assets in market = 50K
Year 1 asset inflation (market appreciation) = 10%
Year 1 adjustment to annual living expenses = 110K
Year 1 addition to assets in market = 5k (55K new total)
Net change in available assets relative to living expenses (aka wealth) = negative $5000

Wealthy / Elite assumptions
Year 0 annual living expenses = 200K
Year 0 assets in market = 1 million
Year 1 asset inflation (market appreciation) = 10%
Year 1 adjustment to annual living expenses after asset inflation = 220K
Year 1 addition to assets in market = 100k (1.1 million new total)
Net change in available assets relative to living expenses (aka wealth) = $80,000

Both groups experienced the same "positive" market outcomes in the year, but the outcome is clearly completely different. Then the wealthy congregate on CNBC,  Bloomberg and elite circles in coastal cities to gaslight the public about a "vibecession" because they're having the time of their lives with real life asset inflation that is only great for them.

Anyone else running a mostly delta neutral strategy? it's been wild! I switched over to buying premium instead of selling it today. Not sure I've ever made so many trades in a 9-day period. Burning up the keyboard. 

8.33% higher in 9 trading days.  We're so back. 

Internals at the close

SPX 2hr - messy, but interesting look. I cloned the initial channel to form a 2x channel. 

META - I haven't looked at this chart in quite a while. Don't remember when I added a channel but it wasn't that recently.  Backtesting.

*FWIW, my analysis has META with one of the most justified valuations in the entire market. The chart suggests it's in a tough area, but I'm not bearish medium term (long list of names on bear list, but this aint one of them) 

5 days, 5+%....so higher, obviously

Massive orders to neutralize their positions and just collect the fees, for the most part (winning on the actual trade is just gravy).  When you have "portfolio margin" you can get absolutely NUTZ exposure and long as it's neutral exposure.  They use algos to measure your risk which sets your margin instead of hard and fast rules used for standard margin accounts.  Even the market makers follow the same margin rules (they're supposed to) but imagine if your game is getting paid to make the market so a broker can collect commissions without risk....how large you can get with say a 1 billion dollar account that you are constantly maintaining at delta neutral without hitting your margin limit? Incredibly large. 

Lol - it's melting down