$AMD(AMD)$ $Apple(AAPL)$ $Microsoft(MSFT)$ $Alphabet(GOOG)$ I've been saying recently the skew in the options market is historically high which means the market has built a "wall of worry". As everyone knows, markets go up climbing the wall of worry.
My friend sent me this clip earlier. It's actually one of the best explanations of why the recent sell off is purely technical. Aside from
the volatility that comes with quad witching, the market is hedging every table and chair in the office in anticipation of the FOMC meeting next Wednesday and to front run the quarterly JP Morgan Hedged Equity Fund rebalance.
This must be why Marko Kolanovic is so confident there will be a strong rally in September. JPM is probably filled to the brim with Put options right now. And when Powell signals tapering on Wednesday, they'll dump their Puts which will force MMs (perhaps JP Morgan) to cover their shorts positions
Long story short, I think we bottom Tuesday or Wednesday morning
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