1/ Ch-ch-ch-ch-changes (Turn and face the strange)... as futures, sit pinned @ an odd elevated morning perch awaiting Janet Yellen’s confirmation hearing & her call for the new admin to ‘act big’...this narrative has markets on high. But the truth is that it’s actually just Gary

1/x The window we have been targeting for 2 months has officially opened... i Can not imagine a more textbook display of the power of Vanna at expiration as we saw on Friday. The capital building was overrun by an insurrection, but all that that meant was a bigger late day rally.

2/x that ended at ATH on the close. Between Gary the 🦍 & his RVol suppression & his hand off to late day Ivol compression & the Vanna index bid, the 🐻’s never had a chance... but Gary’s getting tired after 2 months battling complacency & Vanna’s 2 week vacation, 1 of her only

3/x 2 week departures of the year (a 5 week OpEx) is quickly approaching on 1/15 morning. That means she’ll be increasingly absent as she prepares for her trip. W/ a $59 1 week straddle & $50 1 day range on Friday, & another $30 overnight drop, it’s hard to see why you wouldn’t

4/x want to take a chance on a little long gamma at this juncture. Especially given the obvious warning signs coming from the steepening of the yield curve, underperformance of the Growth complex, complacency in sentiment & positioning, anecdotal signs of bubbles in BTC & TSLA,

5/x NTM the growing exuberance surrounding a fiscal stimulus deal near $2 Trillion. The wall of worry of 3 months ago is gone. The vaccine is being deployed, the election is resolved, fiscal stimulus was passed & w/2 Georgia 🍑 🍑, ever moar 🚁💰is on the way. But what happened

4/x keepers are calling in the Fed(s) (Fed/sec) for some help getting the animals back under control, so they can feed Gary & get the zoo back under control. As they are likely giving guidance to the brokers to get this under control, as every major retail broker seems to be

5/x restricting trading in the short squeeze names to closing only. The Wheel of Fortune has a taping on Fri & w/out Gary at his best the show will be overrun by the animals. If they can make it to the EOM & keep Gary above the 20 day, calm him down & start feeding him,vanna will

6/x be back & should be able to nurse him back to his usual self & save the show. But there’s a lot of time between now & then & holding the animals @ bay until then seems like a colossal task. Given the pop in Ivols & backwardation of the curve, when vanna gets back she will be

7/x refreshed & in preelection form. The only question is will the animals be so out of control so as to not even be managed by Vanna in her best shape.. This decline fits into a narrative that I’ve had brewing for 4 months, that after a monster run since Sep this is a healthy &

8/x reasonable time to expect the animals to be tired of being caged up & want to blow off some steam. All the biggest wall of worry narratives have been solved 1 by 1. Sentiment & bullish positioning was at all time highs. Hedging activity was low. Breadth was deteriorating. W/

1/x The market continues to try & shake out weak hands from overextended positioning by both HF & Retail...After a strong Vanna run up overnight, as expected, retail exuberance exploded on the open in the form of retail call buying, this fragility, paired w/a)Mean reverting flows

2/x from pinned Index Vol b) well documented, risk parity rebalancing flows & c) selling flows tied to bank EOY liquidity constraints. In combination, these flows have together have amounted to substantive selling pressures, strong enough to counteract the positive vanna/ charm

3/x flows, & point to continued likely index RVol an IVol pinning...Historically, the week of quarterly OpEx markets are notoriously volatile intraday, but also mean reverting like we saw today. I think it is fair to expect continued IVol compression & more of the same underlying

4/x chop. Vanna/Charm flows will lose their oomph after Wed 12/16 vixperation morning. There’s a window of weakness which I’ve spoken to for a month that falls 12/16-12/23. That could open a brief window that could lead to revaluation of the real risk & short interest,post 1/6...

5/x but the overwhelming 10k 🦍 of index Vol compression should still hold any correction in time & price in check in the shortterm and it’ll be hard to have anything blow up too bad in SPX land given how cheap & abundant Xmas Vol is 12/23-12/24. NTM, a stim deal & potential Fed

Our pretensions to civilization have become very thin. Political violence was legitimized last year and is spreading wildly now. "Might makes right" is clearly the only "principle" behind freedom of speech. That's why Chinese Communists will never be censored by Big Tech.

When every "principle" becomes nothing but a ruthless exercise of power, it's not surprising that a growing number of people conclude they must demonstrate some sort of power in order to be taken seriously. Violence is the crudest exercise of power.

A well-run civilization makes it clear *universally* that violence is absolutely unacceptable. Giving free passes for irresponsible rhetoric and destruction to groups favored by the dominant political ideology of the State undermines that message.

We must also people peaceable means of expressing themselves and controlling their own lives, to relieve the pressures that can lead to violent outbursts and other forms of lawlessness. The less healthy discourse and freedom of action you have, the more pressure builds up.

It's dangerous when large numbers of people begin drawing the conclusion that might makes right, that laws and principles bend easily for those who have the political strength to bend them. Might makes right is the code of anarchy and barbarism, the antithesis of civilization.

What does Gold- Backed mean?
The Chinese Elders have been accumulating gold for hundreds of years. They are gold-rich. Some of their gold was loaned to the Central Banking System so that it could fund the rebuilding of Europe after the many war-torn years from World Wars I and II

BTW they never returned it but used it to start their financial empire to enslave humanity. This is the Central Bank Banking System./2

Maybe this is why one of the conditions to use their gold for the QFS is the demise and full disclosure of the Central Bank banking system before the RV can take place./3

The Elders have caves of hidden gold and are now using it to gold-back the currencies in the QFS for every country in the world. It is important to understand that the QFS and the money it is about to release is all brand-new currency./4

It was designed by the Alliance to fund the new financial system that will reset all Currencies of the world to Gold-Backed currency./5

WATCH LIVE: The City of Austin to address the ongoing severe weather and its impact on Austin and Travis County residents, utilities, and service. Follow this thread for live

City Manager Spencer Cronk: This storm is stressing our entire community in ways we can never imagine. We are so sorry for the continued hardships so many in our community have had to endure the past several days. We are getting resources that can help you.

Palmer Events Center is full.
However, there is still limited room available at:
•Del Valle High School, 5201 Ross Road, Del Valle, TX 78617 
•Mendez Middle School, 5106 Village Square, 78744
•Reilly Elementary School, 405 Denson

Cronk: @AustinISD has warming centers. Place for people to warm up and charge essential medical Open from 9 a.m. to 9 p.m.
•Lee ES - CENTRAL 3308 Hampton Road
•Murchison MS -  3700 N. Hills Drive
•Joslin ES – 4500 Menchaca Road
•Barrington ES – 400 Cooper Dr,

Austin Water Director Greg Meszaros: We're sorry for the hardships people are experiencing. we never imagined a day hospitals wouldn't have water, large customer base wouldn't have water. We're committed to restoring our system as safely and rapidly as we can.

I’ve just finished some research about the use of biosolids (human sewage sludge) as farm manure. The results will keep me awake at night.
¾ of biosolids in the UK are spread on farmland. The rules about what it can contain are not fit for purpose. Please read and share this 🧵

Biosolids typically contain a wide range of synthetic chemicals, including antibiotics and other pharmaceuticals, personal care products, microplastics and persistant organic pollutants, among them “forever chemicals”. Yet testing is restricted to a small number of contaminants.

Spreading them across the land means spreading them through the foodchain and the ecosystem. There’s plenty of evidence of uptake of many of these chemicals by crops, earthworms and other soil animals, and of large-scale antibiotic resistance developing among soil bacteria.

When soil is blown or washed off the land, these chemicals enter the air and water. Some seep into groundwater. We're likely to eat, drink and breathe them. It’s hard to say what the health thresholds are, or what the combined impact of this cocktail of synthetics might be.

Yet the issue has been wilfully neglected by governments. Regulation is negligible. Farmers in the UK are “responsible for knowing the levels of any potentially toxic elements” before spreading sludge. But how? With an on-farm lab that can test for 80,000 possible contaminants?