Bonds Stopped Hedging Stocks. There Is No Safe Haven.

Brent Kochuba founded SpotGamma and spends his days modelling how options positioning moves markets. His read on why the tape grinds quietly and then gaps: nobody clears the brush anymore. Small selloffs used to burn off the excess regularly, and now they do not, so the moves arrive all at once. He also walks the spread between Nasdaq and S&P volatility, which blew out earlier this year and has since collapsed, and argues a similar divergence could set up again. Plus why bonds have stopped hedging equities, and how short dated the whole market has become. His views are his own. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 0:00 Introducing the positioning guy 0:31 No breakout, no breakdown 1:06 The spread nobody is watching 1:46 Why it expanded then collapsed 2:22 A divergence that could return 3:04 Tech pulling away again 3:37 Should tech volatility be higher 4:13 Would you rather own corporate paper 4:56 A billion dollars a day 5:40 From the Dow to the Nasdaq 6:25 Quoting a different market 7:01 The capex question every quarter 7:43 The article that marked the bottom 8:38 Rotation, not risk off 9:45 Bonds stopped being the hedge 10:29 Why nothing burns off now 11:36 How short dated everything is 12:20 Margin calls travel across borders 12:59 A new show starting tomorrow #tastylive #spotgamma #volatility #vix #marketstructure #0dte #correlation #nasdaq #optionstrading #trading tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.