Equity Redundancy Planning

ES levels and the equity view

Hello everyone,

I have laid out my equity view very clearly in the following reports:

• Comprehensive Macro Report

• Capitulation: Equities and Rates

• Positioning Unwind And The Next Trade

I want to expand on several tensions given the equity price action today.

First, there are clearly several scenarios for equities here:

• Bullish: We can move higher as implied vol premiums unwind and the macro backdrop supports a bullish equity view.

• Bearish and Lower: We can move lower if the VIX blows out again and short vol has to unwind their positioning.

I want to break down the tensions for these because we are at a mini inflection point.