1/ Ch-ch-ch-ch-changes (Turn and face the strange)... as futures, sit pinned @ an odd elevated morning perch awaiting Janet Yellen’s confirmation hearing & her call for the new admin to ‘act big’...this narrative has markets on high. But the truth is that it’s actually just Gary

1/ Vanna’s a widow maker... waging war with her & Gary is exhausting... we were able to take a textbook short at 3803 and take a profit On half at 3771. We will look to add more in a similar way on tomorrow morning’s likely vanna rally again... looking for exuberance once again

2/ in that 9-10am CST window. The growing chorus of bulls emboldened by Vanna’s continued support the last few days gives me confidence that this opportunity will be there again. W/Gary & Vanna behind them the retail exuberance is rising to a fever pitch. This is exactly what we

3/ want to see. But what happens when their backup is gone?? Who’s going to buy this market at these increasingly higher levels this week. Better yet who’s going to buy it @ lower levels when they are forced to sell next week? Not Vanna. She’ll be @ the beach. It ain’t cool bein’

4/ no Jive Turkey so close to Thanksgiving (OpEx)... Bear Steepening of the yield curve took a breather yesterday & so did the stair steps, which was a bit discouraging, no 2 ways about it. But those pressures are far from over. But... remember w/ Vanna still at 1/2 force SPX was

5/ still just unchanged. W/out EOD vanna flows where would the market have been yesterday? The NDX generals continue to be violently shot 1 by 1 as the rotation continues. The last generals will be BTC & TSLA. Watch them closely... listen closely into the rally. The fear of Covid

1/x The window we have been targeting for 2 months has officially opened... i Can not imagine a more textbook display of the power of Vanna at expiration as we saw on Friday. The capital building was overrun by an insurrection, but all that that meant was a bigger late day rally.

2/x that ended at ATH on the close. Between Gary the 🦍 & his RVol suppression & his hand off to late day Ivol compression & the Vanna index bid, the 🐻’s never had a chance... but Gary’s getting tired after 2 months battling complacency & Vanna’s 2 week vacation, 1 of her only

3/x 2 week departures of the year (a 5 week OpEx) is quickly approaching on 1/15 morning. That means she’ll be increasingly absent as she prepares for her trip. W/ a $59 1 week straddle & $50 1 day range on Friday, & another $30 overnight drop, it’s hard to see why you wouldn’t

4/x want to take a chance on a little long gamma at this juncture. Especially given the obvious warning signs coming from the steepening of the yield curve, underperformance of the Growth complex, complacency in sentiment & positioning, anecdotal signs of bubbles in BTC & TSLA,

5/x NTM the growing exuberance surrounding a fiscal stimulus deal near $2 Trillion. The wall of worry of 3 months ago is gone. The vaccine is being deployed, the election is resolved, fiscal stimulus was passed & w/2 Georgia 🍑 🍑, ever moar 🚁💰is on the way. But what happened

1/x ‘Twas the night before Christmas & all through the market not an order was stirring not even for $TGT.
The bonuses were entered into payroll with care,
In hopes that next year would bring a similar fare;
The Bulls were nestled all snug in their beds;

2/x While visions of $TSLA danced in their heads;
& Biden in his Covid mask, & Powell with his still flowing money tap,
Had just settled their brains for a long winter's nap,
When out on the screen there arose such a clatter,
All sprang from their beds to see what was the matter.

3/x Away to their monitors they flew like a flash,
Tore open their Bloombergs & threw up the dash(board).
The S. Claus rally in markets, that all of us know,
Paired w/vaccine reopening, Gave a bid to the market, leaving old prices below,
When what to their wondering👀 did appear?

4/x But a Georgia runoff rushing up to them with complacency, not fear...
With once reliable Vanna flows no longer lively & quick,
They knew in a moment the markets might get quite sick...
Unexpected, 2 Georgia Dem peaches into Congress they came,

5/x Whistling & shouting they called for more fiscal, ‘CARES Too’ its new name:
"Now, Healthcare! Now, Infrastructure! Now Green Energy & Protectionism!
On, Labor rights! on, Minimum Wage! on, Basic Income & Populism!
To middle class households, To the poorest of them all!

1/x The market continues to try & shake out weak hands from overextended positioning by both HF & Retail...After a strong Vanna run up overnight, as expected, retail exuberance exploded on the open in the form of retail call buying, this fragility, paired w/a)Mean reverting flows

2/x from pinned Index Vol b) well documented, risk parity rebalancing flows & c) selling flows tied to bank EOY liquidity constraints. In combination, these flows have together have amounted to substantive selling pressures, strong enough to counteract the positive vanna/ charm

3/x flows, & point to continued likely index RVol an IVol pinning...Historically, the week of quarterly OpEx markets are notoriously volatile intraday, but also mean reverting like we saw today. I think it is fair to expect continued IVol compression & more of the same underlying

4/x chop. Vanna/Charm flows will lose their oomph after Wed 12/16 vixperation morning. There’s a window of weakness which I’ve spoken to for a month that falls 12/16-12/23. That could open a brief window that could lead to revaluation of the real risk & short interest,post 1/6...

5/x but the overwhelming 10k 🦍 of index Vol compression should still hold any correction in time & price in check in the shortterm and it’ll be hard to have anything blow up too bad in SPX land given how cheap & abundant Xmas Vol is 12/23-12/24. NTM, a stim deal & potential Fed

1/x Vanna is back & ready to turn back on the charm! Overnight the market hit our weeklong target of **3705 and pulled back... We were able to take profits & play for a bit of morning digestion. It’s been a nice +3.5% in a week w/a few extra scalps along the way...But the best

2/x part has been the gift of Vol compression, which along w/ short Vol profits, has given us significant calendar expansion & dispersion opps, as predicted. I expect this to continue this week as well, as Ivol oversupply should continue to be the dominant force until 12/11.This,

3/x paired w/ the significantly increasing Vanna & Charm flows, will make it hard for any decline until 12/14 to catch meaningful momentum. This said, the narrowing of 20 day RVol as well as the 2 stddev of the 20 day just overhead should cap any rallies, given the dramatically

4/x overextended retail (8-day SMA of P/C equity is the lowest in 20 years) & institutional positioning. This push/pull, should ultimately keep the market fairly pinned this week...Jan 8th call’s on back are incredibly cheap w/ a GA runoff event straddle of only $55, which given

5/x the potential macro-cyclical consequences of the next 2 years of fiscal stimulus seems absurd...& In terms of a more short term trade,Tesla Vol is either too high or 12/18 on back calendar spreads in the SPX are too low, as there’s no premium being priced in for the inclusion

Joanna Cherry:"Alex Salmond secured a concession that nothing in Scotland Act would preclude the people of Scotland from subsequently choosing an independent future. This is recorded in Hansard during second reading of Referendums (Scotland & Wales) Bill, May 21, 1997."

Donald Dewar said: “I should be the last to challenge the sovereignty of the people, or deny them the right to opt for any solution to the constitutional question they wished. For example, if they want to go for independence, I see no reason why they should not do so." JC

"In same debate Alex Salmond went on to emphasise that “… the Claim of Right referred to sovereign right of the Scottish people to determine a form of Govt best suited to their needs. It did not suggest sovereignty resides with English Members of Parliament." Joanna Cherry

Joanna Cherry: "Donald Dewar articulated the democratic norm later enshrined in the Edinburgh Agreement. His concession laid the foundation for the 2014 referendum in recognising the rights of Scots to choose whether to remain part of our voluntary union with England."

"I am wholly in agreement with view that we must find a legal & constitutional way to demonstrate that public opinion in Scotland has changed since 2014 referendum, in order for our independence to be internationally recognised & therefore meaningful." Joanna Cherry

We should stop confusing what someone was doing when we became aware of them with all they are capable of, interested in, or ever hope to be

Let folks have their many talents, interests and gifts. Life is far more fun with variety, loves.

A lot of folks have come to know me as an activist & I’m grateful that folks care to know me at all.

But I wasn’t born in 2014. I was a whole teacher, executive, policy person, speaker, arts and culture lover, reader, writer, woman of faith, fashion and more before 4 yrs ago 🤷🏾‍♀️

We rightfully complain that marginalized people are not allowed to be fully human.

But we internalize and transfer our oppression daily. It’s a smog. We all breathe it in & act it out.

And then tell WoC “girl ain’t you supposed to be a _______? Why you doing ____?”

Can I live?

And don’t go reading anything personal into this-this isn’t about me necessarily and it’s no subtweet (I try hard not to do that.)

I’ve just been observing that behavior more and more lately. Especially when it comes to marginalized folks.

Evolution should be our aspiration.

“Can’t knock the hustle” should be our anthem.

As long as someone isn’t bringing active and continual harm, why can’t they explore their many sides?

If you know me, you know I don't like broadcasting details about my personal life on this website, but I have been getting asked why I'm not doing Christmas this year so I just wanna put this whole mess to bed. First of all, I don't agree with gay marriage... (1 of 4,625)

... full of dog food and she said, "I'm pretending this is ice cream! Treat me like a baby!" and proceeded to hump her own arm and I thought, "something tells me this isn't the real Norah Jones"... (117 of 4,625)

...cost me $7,000. I had to put it on two separate credit cards! It wasn't 'til I got to my car that I realized "that's way too expensive for one onion." But I didn't have time. Amanda Seyfried was begging to change my diaper... (1,001 of 4,625)

...another Christmas miracle. Mistletoe, stockings, sleigh bells, snow! All these things I have put up my ass. The taste of coffee... (2,974 of 4,625)

...I felt a *very* cold finger on my cheek and I turned around and I said, "Grandma?" and she goes, "Surprise, I'm alive and I work at Sears!" I said, "okay"... (3,047 of 4,625)

@Suman68082748 @thetwinkwolff @x_karran_x @Sunil9130 Lets stop the criticism guys. The lad is good. Losses happen. Losses to unranked players happen too. As do wins vs top 10ers. Let's accept both. Remember Sumit and the likes of him are the best we have. See the bigger picture please.

@thetwinkwolff @x_karran_x @Sunil9130 When the Europeans or South Americans were getting quality practice and tourneys week in week out at reasonable costs, our kids were playing on dung courts or learning outdated serve and volley on grass. Appreciate the fact that the last 10 years have been a hell lot better than

@thetwinkwolff @x_karran_x @Sunil9130 the 10 before that. Real change can't come in a day or even in 10 years. So let's grit our teeth and bide our time till we have an organic self sustaining system in place.

@siyer30 @SportaSmile @Cric_Writer @RomilShukla @amanthejourno

@thetwinkwolff @x_karran_x @Sunil9130 @siyer30 @SportaSmile @Cric_Writer @RomilShukla @amanthejourno Tennis is my favourite sport in the universe. Has always been. Will always be. I was in love with Steffi and Pete a lot before I fell for Sachin. And while I would love every toddler in my family to play sports professionally, I won't encourage them to pursue my favourite sport.

@thetwinkwolff @x_karran_x @Sunil9130 @siyer30 @SportaSmile @Cric_Writer @RomilShukla @amanthejourno It will be career suicide. In other sports, I can actually plan for my ward to be the next Lin Dan or the next Tiger Woods or the next Schumacher even from a base in India. With tennis, in 2020 I can't do that realistically. Just doesn't adds up. Even for total freaks of nature.

For Black History Month, Vox is publishing a big series on rethinking policy for Black America.

I wrote 3,200 words on eradicating exclusionary zoning.

It's a 3 step formula: Persuade, incentivize, and if all else fails, SUE THE SUBURBS.

Thread

We know that exclusionary zoning is locking millions out of opportunity.

Work by @OppInsights, Richard Rothstein, Ta-Nehisi Coates, @nhannahjones, @RickKahlenberg, Chang-Tai Hsieh, Enrico Moretti and @ProfSchleich details the economic impact of these discriminatory policies.

51 years after the Fair Housing Act, it's never been seriously enforced. It's time to change that.

First things first, Biden has work to do to convince whoever can be convinced that there is a racial, environmental, and economic imperative to undo residential segregation.

Use whatever explanation works!

For sympathetic progressives Biden should link racial and environmental justice to ending exclusionary zoning.

For everyone else, he can simply make an economic

Second, there are many tools to incentivize localities that rely on federal dollars to reform their zoning codes.

There is a ton of federal money that can be conditioned on reforming exclusionary zoning laws. @ebwhamilton has some good ideas on this front.