ANNOUNCEMENT:
I’ll be on holiday from 28th of June to 4th of July. There will be only a weekly post on 27/June.
Weekly post:
Alma.Trk@alma271828
THE SECOND HALF OF 2026 and so on..
OIL, AI, REFLATION, UNDERPRICED CONVEXITY
I have been looking at IV, rho, and funding rates on long-dated $SPX options. (As a reminder, rho measures the sensitivity of the option premium to interest rates).
The steepness of the term structure
Lisa Abramowicz @lisaabramowicz1
US 10-year Treasuries are offering about the greatest amount of yield versus the S&P 500's earnings yield going back to 2003. Either earnings have to keep outperforming, or bonds will start looking like an increasingly attractive alternative.
12:29 AM · Jun 14, 2026 · 8.53K Views
7 Replies · 11 Reposts · 74 Likes
Let’s look at today’s positioning…
