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Goldman Macro Trader Outlines Risk/Reward As Multiple Catalysts Are Aligning

While this morning’s price action will be dominated by March’s VIX option expiration, likely temporarily increasing volatility as dealers reset hedges/positions.

The reduction in higher VIX strikes over the last week into the option expiration has supported the decline in volatility and recent relief rally, but the pinning effect due to dealer hedging flows is now fading as a notable notional amount of call positions around 25 are expiring in March...

goldman macro trader outlines risk reward as multiple catalysts are aligning

Authored by Tyler Durden via ZeroHedge March 18th 2025