The Effects of Short Term Market Chirations

The record shorts that I saw was talking about S&P futures, right? It's not a case of that was that that short is just coming on for the CPI print and then it's going to get unwound. People are opting to sell futures rather than by puts. That's also showing us that people are happily sort of de-risking their exposure to equities at this top end of the range. And so, they don't need to buy those puts, which also tells you that vol doesn't necessarily need to explode.