The Market Huddle THE OIL MARKET HAS SPOKEN (Guest: Craig Shapiro)
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Jan 31, 2026 Craig Shapiro, macro strategist and former hedge fund/commodity equities portfolio manager, shares market color and trading stories from Osprey and SAC. He talks liquidity lessons from 2008, precious metals’ parabolic moves, oil’s role as a volatility catalyst, dollar dynamics and geopolitics, and where rotations into commodities, Japan, and EM may be unfolding.
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Use Skewed Options To Lock Gains
- Secure gains by selling far out-of-the-money calls and buying downside protection to lock profits while retaining upside participation. Do consider collar structures (sell high OTM calls, buy lower puts) when skew makes them near-zero cost.
Oil As The Next Volatility Accelerator
- Oil's recent rise blends a fundamental underinvestment story with geopolitical risk and industry pressure for higher prices to spur drilling. Higher oil complicates Fed easing and could act as a volatility accelerator that breaks volatility-suppressed equity regimes.
Tiny Markets Can Explode Fast
- Uranium and other small commodity markets can be squeezed violently because of tiny market depth and concentrated buyers like funds. ETF flows (e.g., Sprott) can quickly become a major price driver when physical trusts buy the thin spot market.
