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Watch Bonds very closely today and tomorrow. Getting close to a re-set. And also watch the FX flows for tells in equities. But you guys already knew that....:)

Huh? I said a million in principal with a 5% annual rate or simply say i* with the NPV being 1,000,000/(1 + i*). I'm not sure you understood my statement, a FRA is just a forward rate agreement.

ISEE 67 today.

You are watching the wrong thing. You need to watch the yield curve, the Libor/OIS spread, high yield spreads, and the various carry trades.

You cannot price volatility in isolation. You have to look at the underlying. You also have to look at where you are in the market. Think about this, you can buy an ATM straddle 30 days out in WTI that is equal to a single days range!!!!! That is insane. Why on God's green earth would...

I highly recommend this video. He doesn't an excellent job explaining back in January exactly what is going on in the markets today. It's educational and is chock full of great trading ideas.

Oil vol is damn cheap now. VERY cheap.

FYI...my vol indicators are saying this market might be ready for a nice leg up or at least some short term stability. Also WTI is starting to change behavior here.

Credit cycles are very smooth and very predictable.

Because they follow credit cycles very closely.

You don't want to short it while it's backwardated.

That was yesterday.

Yield curve steepened nicely. Bond market not as scared as equities.

ISEE 62 We got a 46 reading on the puke down to 1850 last week.

NOB spread firming up nicely today.

It's everything you hoped it would be King. :)

Markets like these really showcase the robustness of ACD.

Complete non sequitur since Taleb is not managing the fund, Spitznagel is.

Interesting how this thread is inversely correlated to the rest of ET in terms of post count. When the VIX is low, post count here is high but low on the rest of ET. When the VIX is high, the post count here is low but high for the rest of ET.

VIX back to the highs...