Futures popped ‘n dropped -55, and now we’re sitting 20 in the red. A little racey but nobody’s panicking yet
Trump rewrote the entire trade framework in 48 hours – SCOTUS killed it Friday, he replaced it by Saturday at 15% maximum. Takes effect tomorrow at midnight
Charts are a mess, the market’s doing a fiddler’s elbow, and the only directional edge is theta decay. Premium Poppers are keeping us sane
Feb/Mar correction window just opened. I’m looking for 10% in 10 days instead of last year’s muted 5%. Be the bear. PopPop.

GDP and core PCE at 8:30 AM today – shutdown delays forced simultaneous release – hot inflation validates Fed hawks
Iran strikes possible “as early as Saturday” per CBS – two carrier groups positioned – oil at six-month high $66.58
SPX gamma flip widened BACK to 37 points after nearly converging to 8 yesterday – the crossover didn’t happen
Blue Owl permanently restricts redemptions, sells $1.4B in loans – El-Erian: “canary in the coal mine, similar to August 2007?”

Fed minutes revealed “several” officials suggested rate hikes could return – March cut hopes dead at 93% hold probability
SPX gamma flip at 6,889 with price at 6,881 – just 8 points from crossing into positive gamma territory
VIX printing new higher low steepening the gradient incline – channel structure tightening
RUT flipped bearish below 2,648.39 targeting 2,603.99 – the “OJ Pattern” officially named after slow-motion bull-bear car chase
Oil surged 4% on collapsed Russia-Ukraine talks and Iran-Russia naval drills near Hormuz

SPX TnT flipped bullish above 6,803.43 targeting 6,995.84 – first bullish signal in two weeks
VIX channel rejection nailed yesterday’s swing turn – dropped from 21.76 to 19.46 – defined pattern suggests more brewing
Still in negative gamma at 6,929 flip but gap narrowing from 132 to 86 points – put/call walls at 7,000
FOMC minutes at 2 PM today, Walmart Thursday, PCE Friday – three catalysts in three days

AI disruption spreads beyond software into wealth management, real estate, logistics – Jefferies calls it the “SaaSpocalypse”
SPX back below rising channel at 6,836 – GEX gamma flip at 6,968 means we’re in negative gamma – dealers amplifying downside
VIX at 21.76 at upper boundary of defined range – inflection point – push lower would translate to index rally
RUT pattern mutated from H&S to expanding triangle to diamond – boundaries keep evolving – target range lows still marked

∙ Friday the 13th confirmed as official stock market holiday after the NYSE trading bell screamed back
∙ VIX achieved sentience overnight and is now demanding a corner office, healthcare, and vengeance
∙ Every software stock that died this week came back as a zombie and bit Salesforce
∙ Phil is “away” which is suspicious because that’s exactly what characters say before they get murdered in the sequel