{
  "status": "ok",
  "generated_at": "2026-03-12T20:05:56.616341",
  "spotgamma_date": "2026-03-09",
  "scraped_at": "2026-03-09T05:45:00",
  "headline_bias": "BEARISH (sell rips / avoid dip-buying)",
  "themes": [
    "Geopolitical vol premium (Iran / Hormuz)",
    "Elevated volatility premium",
    "OPEX level-magnet narrative active",
    "Skew/vol surface is stretched"
  ],
  "key_dates": [
    "3/10: Home Sales",
    "3/11: CPI",
    "3/13: GDP",
    "3/18: VIX EXP",
    "3/20: OPEX"
  ],
  "levels_mentioned": {
    "support": [
      6500,
      6600
    ],
    "resistance": [
      6900
    ],
    "pivot": 6900,
    "major_targets": [
      5565,
      6475,
      6500,
      6800
    ]
  },
  "tldr": "We think that the market may find stability in the 6,600s, with our eyes looking at a 6,500 low into March OPEX 3/20 - Q End OPEX 3/31. Following March, we think the 6,500 floor drops out. To the upside, Vol premiums are very wide, but they are all tied to the Iran premium. Equity vol premiums are ~20 points (massive), and from that we can see some violent market bounces as that premium contracts, but vol cannot fully revert until conflicts have largely resolved. We think rips should be sold until the Iran situation resolves.",
  "trade_ideas": [
    "Put flies when markets pop - particularly in DIA, IWM for cheap, 1-3DTE, targeting ~2-3% downside (where JPM strike supports SPX).",
    "Longer dated put flies in SPX can work because skew has blown out (all major indices at 100th %ile put-skew readings).",
    "\"Hugh Hendry\" trade - selling ~10-15 delta puts to buy many ~10-15 delta calls. Would consider more strongly at SPX 6,500 and/or if conflicts are resolving."
  ],
  "source": "memory/spotgamma-data.json::founders_notes"
}