Hi Florian

Thanks for your note yesterday.

I do agree that hedging is in order, though the market structure, which is pretty set for the month if not quarter, will not allow for more than a small correction. Obviously market structure can change.

The pull back we saw at the end of July was actually baked in 5 weeks earlier at the June OPEX. The market is a big boat and can't turn around quickly.

I remember thinking Cem Karsan call of "a window of weakness" at the June OPEX was premature even though the market option positioning had changed to short.

Let me know if you'd like to discuss more.

Thanks Bruce, NakedDelta

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To be fair, BoA turning bullish in June (even if it was July) is a good call for their target, which is investors. 5000 next year is a reasonable target too, not that I'd be caught dead going long equities right here, but I'm a swing trader.

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