The market feels like it's played EVERY card it knows to go up, and it has.

Now it's rotate from A-B-C-D without a MASSIVE Sell Signal.

That in Turn BURNS PUTS Because $VIX is less than 16, so NO VEGA TO PAY PUTS, All that Really Happens is Chop or Premium Theta Decay.

I am not mad at it, it's the game we played MAY to OCT of 2025. Just need to Realize this can GRIND Higher on No News or Events unless FED MACRO Get in the way.

IRAN - No One Cares Anymore....

The Easy Money is Gone from $QQQ $SPY $SPX for the most part in 2026. 

Does NOT mean We ARE Going Down Though. Can Grind Higher as noted.

Going Down is Like MASSIVE HOT CPI/PPI.
Market Might Look Right Through that though.

TRUMP INVADES or ATTACKS IRAN - 
NOT PROBABLE THIS LATE INTO THE YEAR!

FED STEPS ON THEIR OWN TOES WITH ENDING QE LIGHT $25-$45B a Month of Buying.
Maybe but Unlikely in 2026 IMO.

FED SIGNALS A RATE HIKE - 
I REALLY TRULY DON'T THINK SO in JUNE or JULY.

$NVDA @grok what is your read on this tape and chart? 

$NVDA 5/22 All This Needs to Unwind. Even the Degens from Macau who bet $300 for 5/22 🤣🤣Let them sell their calls,  let's IV Crush and Weekend Iran Fear Pull the Price into the Sweet Spot. Then Either Friday or Tuesday Take Your Leap into September October November December or January. With $80B buybacks,  an increased Dividend and plenty of Theta should be able to Rebuild IV into August Earnings. July Capex Spend will be Reconfirmed by Mag 7.5/22 Open Interest Need to Sell For a Massive Haircut. It's not Long Term Bearish just Mechanics of Options Markets. Be patient....

$GOOG Setting up Earnings Run Up into July. 

$HIMS Options Collar

As a Trader, you want to ride the Trend in the long term direction but with 140%+ Implied Volatility, that can literally be a 180 on the flip of a dime. 

Going into Earnings, I let my Calls Run since they were already explosive, but I realized the team needed to deliver on earnings. 
They did not. 

The flip side is riding puts for a week or two, as IV bleeds out and a new trend is formed. 

That's the Long/Short Collar. 

Obviously, I want the stock to go Long and Short Squeeze, but that doesn't always go your way. 

Either way, if trading, through a very High Volatility Window, carry a hedge.

$VIX Waking Up, But VIX Expiration is tomorrow.

We have $12T In CEO Companies in China this week.

Can they create a sense of calm and peace talks with IRAN to settle down OIL/Yields and Trade?? 

$BTC Over $80K is an all Clear Sign IMO
We are still under it.....

NFA 

$MU WHAT IF THEY ARE IN WAVE 3 RUNNING UP TOWARDS JUNE 23rd EARNINGS?

GAMMA SQUEEZE SOLD CALLS EXPIRING 5/29 TODAY.

REST AND RELOAD FOR JUNE 5th NOW.

THEN JUNE 12th, June 18th and Eventually June 26th.

GAIN WINDOW - 🪟🪟🪟 

Trump has 10-15 trading days to make some deals on oil,  tech and Chill out Iran with a truce.

Let the orange man sleep off the trip come back to the table next week well rested.

$VIX @grok analyze the tape from today, seems off for all the IRAN War stuff going on. 

Bearish Flow Today
Nothing above 70%

APPLE Doesn't Count
It's Defensive 

Jim

Jim