The Fed has made the left tail fatter

Thoughts Du Jour

I don’t have a 3,000-word post for you today, mostly because I don’t think the market has earned one. Not a lot has changed since last week, and I already shared my thoughts on the Fed. This post will mainly be idea generation as I had a lot of options roll off last Thursday, including the 6500/7000 Jun risk reversals’ short put, which expired worthless (entry on the RR was -18 and closed the call out at 439 back in early May, leaving the put to expire worthless).

Last week I entered two fresh SX5E positions at 1.2% weight (prem paid - not notional) as well as a single name in the US at 7% weight.