• Don’t take any solace in the thought that 0dte options have helped cause the market to decline recently…because is ALSO helped it rally over the first seven months of the year.  The real reasons for the pullback are still fundamentally based.
  • The good news is that S&P 500 could fall all the way to 4,200 and still be above its trend-line from the October 2022 lows.  The bad news is that it will likely fall further before it bottoms…given what is going on China, the rise in bond yields, and the fact that earnings forecasts are not increasing.
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