Graphic updated 7:45 AM ET. Sentiment Neutral if expected /ES open is inside of the prior day’s range. /ES levels are derived from the profile graphic at the bottom of the following section. Levels may have changed since initially quoted; click here for the latest levels. SqueezeMetrics Dark Pool Index (DIX) and Gamma (GEX) calculations are based on where the prior day’s reading falls with respect to the MAX and MIN of all occurrences available. A higher DIX is bullish. At the same time, the lower the GEX, the more (expected) volatility. Learn the implications of volatility, direction, and moneyness. Breadth reflects a reading of the prior day’s NYSE Advance/Decline indicator. VIX reflects a current reading of the CBOE Volatility Index (INDEX: VIX) from 0-100.
Administrative
Setting the stage for what we will unpack further later this week. Mainly key talking points, today, coupled with a few aesthetic changes, if you have not noticed already (e.g., graphic above).
Fundamental
A less eventful couple of days, albeit uncertainty remains. On the geopolitical front, an easing of conflict appeared with Biden and Xi stressing their need to get ties back on track. That is adding to Russia’s withdrawal from Kherson, Ukraine.
Regarding crypto, a focus for some of last week’s letters, the happenings are awing. Allegedly FTX “transferred billions of dollars in customer assets to their trading firm Alameda,” Substack newsletter Market Sentiment had written.
“Of the $16 billion that customers had deposited into FTX, close to $10 billion was transferred over to Alameda … using its own coin FTT as collateral for borrowing the real coins deposited by customers, … [and this meant that the scheme] heavily depended on the value of FTT.”
As a an aside, we will soon feature a conversation with a former emerging FX and yields trader at Goldman Sachs Group Inc (NYSE: GS) who now works in DeFi. We will unpack the recent volatility, its driver, and follow-on implications.
Here’s one quote:
“For example, look at what happened in the UK with the pension funds and margin calls. That is a classic DeFi strategy. You take your bonds and borrow cash against them. Then, you put it back into bonds and loop it a couple of times. That way, you have a leveraged interest rate exposure. That’s the same principle of lending staked ETH, borrowing ETH, and doing it a couple of times.”
It was allegations about the firms’ relationship, as well as allegations by competitors, that ultimately incited an implosion and bankruptcy. In short, per his posts on betting and Kelly criterion, founder Sam Bankman-Fried (SBF) showed a risk tolerance “far outside” the normal.
For more on the debacle, check out the Daily Brief published on November 10, 2022, as well as the letter published on November 9, 2022.
The aforementioned is in light of liquidity being “sucked out of the market,” said Fabian Wintersberger; a continued “withdrawal of liquidity might lead to a real, systemic crisis in conventional financial markets,” which we’ve pondered before.”
Positioning
Markets have rallied, recently. In short, as we talked about before and, now, fellow letter writers, including Alfonso Peccatiello of The Macro Compass, confirm, the pace of the market’s rally is, in part, the result of “technical and institutional reasons.”
In our letters last week, we said the compression of implied volatility, evidenced by a shift lower in the volatility term structure, particularly at the front end where options are most sensitive, was to add to any macro-type repositioning, with follow-on buying support coming from the reach for “Deltas and leverage” to the upside (call options).
Peccatiello offers an interesting explanation: “[A]t this point of the year incentive schemes drive people to be much more willing to pay and chase upside.” Preferred are the “convex structures” that would benefit from “outsized” rallies. In traders’ monetization of put protection they owned, as well as reach for upside calls (to not miss out on a potential reversal), skew is at lows and, if the assumption is that “further tightening monetary policy and draining liquidity off the market might cause some problems down the road,” per Wintersberger, bets that pay when markets trade lower are attractive.
Adding, a big takeaway, though not discussed explicitly above (but in past letters), we’ll see a loss of structural support from hedging flows; ultimately, the very poor hedging that’s going on, heading into the next rally, is going to set the stage for a large tail. Traders, who aren’t as well hedged, will seek protection and this will pressure markets, adding to any macro-type selling.
In the coming letters, we’ll go into more detail and discuss how to structure a new trade on this information, such as the one unpacked in a recent case study of ours.
Technical
As of 7:45 AM ET, Monday’s regular session (9:30 AM – 4:00 PM ET), in the S&P 500, is likely to open in the middle part of a balanced overnight inventory, inside of prior-range and -value, suggesting a limited potential for immediate directional opportunity.
Our S&P 500 pivot for today is $4,000.25.
Key levels to the upside include $4,069.25, $4,136.75, and $4,231.00.
Key levels to the downside include $3,967.00, $3,913.00, and $3,871.25.
Click here to load today’s key levels into the web-based TradingView platform. All levels are derived using the 65-minute timeframe. New links are produced, daily.
Graphic: 65-minute profile chart of the Micro E-mini S&P 500 Futures. Check out this refresher on the shape of volume profiles.
About
After years of self-education, strategy development, mentorship, and trial-and-error, Renato Leonard Capelj began trading full-time and founded Physik Invest to detail his methods, research, and performance in the markets.
Capelj also develops insights around impactful options market dynamics at SpotGamma and is a Benzinga journalist.
The daily brief is a free glimpse into the prevailing fundamental and technical drivers of U.S. equity market products. Join the 1,200+ that read this report daily, below!
Graphic updated 8:00 AM ET. Sentiment Neutral if expected /ES open is inside of the prior day’s range. /ES levels are derived from the profile graphic at the bottom of the following section. Levels may have changed since initially quoted; click here for the latest levels. SqueezeMetrics Dark Pool Index (DIX) and Gamma (GEX) calculations are based on where the prior day’s reading falls with respect to the MAX and MIN of all occurrences available. A higher DIX is bullish. At the same time, the lower the GEX, the more (expected) volatility. Learn the implications of volatility, direction, and moneyness. Breadth reflects a reading of the prior day’s NYSE Advance/Decline indicator. VIX reflects a current reading of the CBOE Volatility Index (INDEX: VIX) from 0-100.
Administrative
Yesterday, this letter unpacked the events surrounding recent crypto-market turmoil. There were some loose ends we will continue to clean up below and in the coming letters.
Fundamental
As a recap, the “seemingly untouchable” FTX.com (CRYPTO: FTT) is on a path toward bankruptcy online reports appear to show. In short, the firm has a shortfall of ~$8 billion prompting investors like Sequoia Capital to write down the full value of their investments in FTX.com and FTX.US, the latter of which owns names like Blockfolio and LedgerX, and is allegedly “unaffected by its parent company’s liquidity.”
Graphic: Retrieved from Litquidity’s Exec Sum newsletter.
It’s the case that, unlike what I was explained to by Sam Bankman-Fried (SBF), with FTX.com (not FTX.US which is required to hold customer assets 1:1) there is counterparty risk, of sorts.
As well put by Bloomberg’s Matt Levine, there’s a timing problem that’s “connected to a real economic risk.” The safety provided by “systems that automatically liquidate trades” was overwhelmed by the dangers of volatility and a simultaneous bank run.
The complicated part is as follows: “whereas the basic model of Coinbase Global Inc (NASDAQ: COIN) is ‘they buy Bitcoin (CRYPTO: BTC) for you and put it in an envelope,’ the basic model of FTX has to be ‘they lend your money to buy crypto and then make use of your crypto to get money.’ In financial terms, they … rehypothecate your collateral; you can’t expect them to just keep it in an envelope if they’re lending you the money” for leveraged trading.
Accordingly, “[t]he reason for a run on FTX is if you think that FTX loaned Alameda [Research, a trading firm also founded by SBF], a bunch of customer assets and got back FTT in exchange. If that’s the case, then a crash in the price of FTT will destabilize FTX. If you’re worried about that, you should take your money out of FTX before the crash. If everyone is worried about that, they will all take their money out of FTX. But FTX doesn’t have their money; it has FTT and a loan to Alameda. If they all take their money out, that’s a bank run.”
“[D]ue to recent revelations,” Binance Holdings Ltd’s (CRYPTO: BNB) founder Changpeng Zhao (CZ) was prompted to sell large FTT holdings. “People worried that this would tank the price of FTT and put pressure on FTX, so they started withdrawing money from FTX. FTX didn’t have the money, and SBF started calling around asking for a loan or a bailout.”
The proposed bailout has since been withdrawn and CZ established some major takeaways as a result of the event: “1: Never use a token you created as collateral [and] 2: Don’t borrow if you run a crypto business. Don’t use capital ‘efficiently’. Have a large reserve.”
Now that the deal has fallen through, Coinbase’s CEO Brian Armstrong says it is likely users of FTX will “take losses.”
In summary, Alameda and FTX were far closer than they appeared. Alameda tapped into some large reserves of FTT and used them as collateral when borrowing customer funds from FTX.
Per The Milk Road: If “Alameda’s investments go south, or the FTT collateral starts to dump in value, then Alameda goes down, and it pulls FTX down with it.”
Some Knew Earlier Than Others:
A fall in volumes and market share, “splintered attention”, the departure of executives including but not limited to FTX.US’ Brett Harrison and Alameda’s Sam Trabucco, “market manipulation allegations,” and “bad bull market decisions” such as partaking in NFT community “Doodles’ insane $54 million raise,” were some of the reasons prompting users to turn on FTX early.
Potential Follow-On Implication:
As Kai Volatility’s Cem Karsan puts eloquently, “[T]he collapse[s] of crypto will increasingly feed the [fire] of more traditional populism as its promise as a solution to the populism that fueled its ascent fades, leaving anger in its wake.”
That’s a narrative Karsan has maintained for as long as I can remember. Back in 2021, he and I spoke about the revolutionary technology of blockchain and its “broad association [and] use for cryptocurrency [being] tied up in the liquidity bubble that exists across all assets.”
Read the Daily Brief for November 9 to better understand this “liquidity bubble that exists across all assets.”
On the heels of scrutiny that was likely to come with some collapses, Karsan said there would likely be no “clear window where cryptocurrency is not subject to constraints,” adding that it’s likely “we move towards a digital dollar.”
Graphic: Retrieved from Bloomberg.
Circle (CRYPTO: USDC) co-founder and CEO Jeremy Allaire noted, too:
“Once again, it’s moments like these that require all of us to hold crypto to a higher standard, a standard with greater transparency and accountability, enshrined in practice and in law,” adding that “Circle has no material exposure to FTX and Alameda.”
A ‘Good Practice For Indie Traders’:
Independent volatility trader Darrin Johnson suggests traders “[s]weep excess cash into short-term T-notes or [money-market] accounts.” In case of some catastrophic events, “securities will be reimbursed at a higher notional value than cash.”
FTX’s Roadmap ‘For The Next Week’:
An online whistleblower shared messages allegedly sent by SBF to employees.
In short, SBF’s “number one priority, right now, is to do right by customers.” To do so requires “a raise” which “may end up being a combined FTX Int[ernational] and FTX.US infusion.” Without a cash injection, the company would likely file for bankruptcy.
It’s reported SBF et al transferred ~$4 billion in FTX funds (e.g., customer deposits) to help buoy Alameda Research after severe losses including a $500 million loan agreement with Voyager.
Technical
As of 8:00 AM ET, Thursday’s regular session (9:30 AM – 4:00 PM ET), in the S&P 500, is likely to open in the upper part of a positively skewed overnight inventory, inside of prior-range and -value, suggesting a limited potential for immediate directional opportunity.
In the best case, the S&P 500 trades higher.
Any activity above the $3,752.25 HVNode puts into play the $3,801.00 VPOC. Initiative trade beyond the VPOC could reach as high as the $3,838.25 and $3,871.25 LVNode, or higher.
In the worst case, the S&P 500 trades lower.
Any activity below the $3,752.25 HVNode puts into play the $3,727.00 VPOC. Initiative trade beyond the latter could reach as low as the $3,685.00 VPOC and $3,638.25 LVNode, or lower.
Click here to load today’s key levels into the web-based TradingView charting platform. Note that all levels are derived using the 65-minute timeframe. New links are produced, daily.
Graphic: 65-minute profile chart of the Micro E-mini S&P 500 Futures.
Considerations: Futures tied to the S&P 500 are trading within close proximity to a blue line in the above graphic. This blue line depicts a volume-weighted average price (VWAP) anchored to price action following the release of consumer price data on September 13, 2022.
The VWAP metric is highly regarded by chief investment officers, among other participants, for the quality of trade. Additionally, liquidity algorithms are benchmarked and programmed to buy and sell around VWAPs.
Should the S&P 500 auction away from this level, and come back to it, a prudent response is to fade. If the price is above the VWAP, and it auctions lower, into the VWAP, traders would buy. On the other hand, if the price is below the VWAP, and it auctions higher, into the VWAP, sell.
At this time, the S&P 500 is near VWAP offering traders lower (directional) opportunities.
Definitions
Volume Areas: A structurally sound market will build on areas of high volume (HVNodes). Should the market trend for long periods of time, it will lack sound structure, identified as low volume areas (LVNodes). LVNodes denote directional conviction and ought to offer support on any test.
If participants were to auction and find acceptance into areas of prior low volume (LVNodes), then future discovery ought to be volatile and quick as participants look to HVNodes for favorable entry or exit.
POCs: POCs are valuable as they denote areas where two-sided trade was most prevalent in a prior day session. Participants will respond to future tests of value as they offer favorable entry and exit.
About
After years of self-education, strategy development, mentorship, and trial-and-error, Renato Leonard Capelj began trading full-time and founded Physik Invest to detail his methods, research, and performance in the markets.
Capelj also develops insights around impactful options market dynamics at SpotGamma and is a Benzinga reporter.
In no way should the materials herein be construed as advice. Derivatives carry a substantial risk of loss. All content is for informational purposes only.
The daily brief is a free glimpse into the prevailing fundamental and technical drivers of U.S. equity market products. Join the 1,200+ that read this report daily, below!
Graphic updated 8:45 AM ET. Sentiment Neutral if expected /ES open is inside of the prior day’s range. /ES levels are derived from the profile graphic at the bottom of the following section. Levels may have changed since initially quoted; click here for the latest levels. SqueezeMetrics Dark Pool Index (DIX) and Gamma (GEX) calculations are based on where the prior day’s reading falls with respect to the MAX and MIN of all occurrences available. A higher DIX is bullish. At the same time, the lower the GEX, the more (expected) volatility. Learn the implications of volatility, direction, and moneyness. Breadth reflects a reading of the prior day’s NYSE Advance/Decline indicator. VIX reflects a current reading of the CBOE Volatility Index (INDEX: VIX) from 0-100.
Fundamental
A crypto-market leader and a lender of last resort – FTX – co-founded by Sam Bankman-Fried (SBF) was little questioned by many. It appears, however, that the company had growing pain points.
Events are developing quickly, too add. Here is a note that SBF issued to investors after entering into a nonbinding agreement with Binance.
Graphic: Retrieved from @gurgavin on Twitter. Read the story on The Block.
In short, there’s little substance.
Let’s go through the motions and start unpacking this debacle. Should we have loose ends, we’ll address those in the coming days.
In late December of 2021, I spoke with SBF regarding his background and aims with FTX. The resulting work was published on Benzinga.com, where I continue to work part-time as a writer and project lead.
Graphic: Retrieved from Renato Leonard Capelj. On the top is Renato Leonard Capelj. On the bottom is SBF.
In short, SBF is an MIT alumnus who started in finance at Jane Street, a trading firm and liquidity provider. Eventually, he saw an opportunity elsewhere; there were spot price inconsistencies across cryptocurrency exchanges.
SBF then founded the firm Alameda Research in 2017. A focus, there, was to extract premiums to spot via arbitrage. SBF et al would purchase Bitcoin (CRYPTO: BTC) domestically, send it to foreign exchanges to sell at higher prices, and, then, convert and wire the funds back.
“You do have to put together this incredibly sophisticated global corporate framework in order to be able to actually do this trade,” SBF said in one conversation. “That’s the real task, the real hard part.”
In light of some frustration with existing exchange offers, SBF founded FTX.com and FTX.US parent FTX Trading Ltd. As late as September 2022, FTX was seeking $1 billion at a value of $32 billion. The firm was looking to become a one-stop-shop for retail and institutional market participants such as FTX brand ambassador and spokesperson Kevin O’Leary who I talked to just prior to my interview with SBF.
“If you’re being compliant internally and also with regulators in each jurisdiction you operate in, you don’t have the option to be off-sides,” O’Leary explained to me on FTX building one of the larger infrastructures institutions’ compliance departments could easily “work with and external auditors can audit.”
Eventually, the exchange grew to become a major player.
FTX was a top-five exchange, adding market share through acquisitions of players like Blockfolio and LedgerX, as well as building a reputation of transparency, or so it appeared, through its work with regulators.
Adding, SBF said to me he wanted FTX to cater to other asset classes and “become a global liquidity venue across the board.” In mid-to-late this year, FTX added stock trading via no-fee brokerage accounts, a follow-through on his vision.
The expansion narrative cooled, however. There was the collapse of the TerraUSD stablecoin, Celsius Network, Three Arrows Capital, and Voyager Digital, which FTX’s subsidiary in the US, FTX.US, won assets to in an auction this year.
At the surface, it appeared FTX was “seemingly untouchable,” as Immutable Holdings’ Jordan Fried explained online. Check out my last chat with Jordan Fried, here.
However, “cracks started to appear [and] people in crypto were taking notice”; the CEOs of both Alameda Research and FTX.US stepped down. Fried added that the situation worsened when Alameda Research’s balance sheet was leaked.
The firm had $14.6 billion in assets (nearly $4 billion in FTT, which is FTX’s utility token, and about $2 billion in FTT token collateral) against $8 billion in liabilities.
“Binance owns a bunch of FTT themselves and, two days ago, Changpeng Zhao (CZ) [who is the] founder of Binance, [said] that SBF … could be lobbying to get regulators to help out FTX more than Binance.” In response, CZ was to “dump all $2 billion of FTT” Binance was holding.
This coincided with a large selling pressure on the FTX utility token. With Alameda Research having ~50% of their assets in FTT, Fried says, “they were dead in the water”. A run appeared likely and, with FTX and Alameda Research’s dealings so intertwined, “the failure of one meant the failure of another.”
On the heels of billions in withdrawals, users weren’t “getting their cash” and, ultimately, in SBF seeking to protect users’ assets, FTX entered into a strategic transaction with Binance.
1) Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
The follow-on impacts of this week’s events, during which SBF saw a ~90% wipeout of his wealth, can be speculated on. Apparent losers include SoftBank Group Corporation’s (OTC: SFTBY) Vision Fund, the Ontario Teachers’ Pension Plan, and Tiger Global Management.
Some, including Arthur Breitman of Tezos (CRYPTO: XTZ), mulled the impact of FTX’s potential divestment from Solana (CRYPTO: SOL) which “took a drubbing Tuesday,” along with just about every other crypto token including Bitcoin.
Noteworthy are the impacts of this crypto-market turmoil in equities. As I stated in a note to SpotGamma subscribers yesterday, following “news of a liquidity crunch at FTX, when the selling accelerated in FTT [] and Bitcoin, so did the selling in the S&P 500.”
“The bottom, in all three products, happened at 2:30 PM ET.”
Graphic: Retrieved by Physik Invest from TradingView.
I add that these products – S&P 500 (INDEX: SPX) and Bitcoin – have traded in sync and held positive correlations.
In short, both are recipients of the same risk-on and -off flows. Easy monetary policies cut financial asset volatility and pushed market participants into riskier investments. In short, it was easier to borrow and make longer-duration bets on ideas (e.g., crypto and Ponzi-like DeFi, growth, risky private equity investments) with a lot of promise in the future.
Financial asset investments were more attractive. That’s, in part, why we saw asset inflation early on in 2020 when policymakers embarked on historic interventions.
Monetary authorities cut interest rates and bought bonds, all the while money was sent to people. Risk assets were the first to respond. Then, as the economy reopened, demand picked up, supply chains tightened, and prices in the real economy inflated.
As we added on Monday, de-globalization and persistent supply chokepoints (e.g., Ukraine and Russia) have done little to help. Inflation remains a problem and investors are seeking safety amid Fed intervention.
Financial assets are in less demand while real assets are in more demand. A disruption (or reversal) in these policies puts at risk the prevailing carry regime. A stock and crypto market drop is, in part, the result of an unwind in carry.
The drop is a deflationary shock, precisely what policymakers are seeking, per Credit Suisse Group AG’s (NYSE: CS) Zoltan Pozsar who says inflation is a structural issue, and “we [have] to generate a round of negative wealth effects to lower demand such that it becomes more in line with the new realities of supply.”
As we established on Monday, that invokes “collateral damage to the US economy,” S&P Global Inc (NYSE: SPGI) economists have put forth “as households and businesses pull back spending and investment.”
For example, just announced today, Meta Platforms Inc (NASDAQ: META), which became wrapped up in the speculativeness of the early 2020s reaching beyond the crypto markets, hence the name change from Facebook Inc, is seeking to cut 11,000 jobs.
Per Bloomberg, “the macroeconomic downturn, increased competition, and ads signal loss have caused [] revenue to be much lower than expected.”
Ultimately, a deflationary pulse manifesting disinflation in consumer prices may prompt the policymakers to reverse on rates and efforts like quantitative tightening (QT), the (out)flow of capital from capital markets.
We’re seeing demand erode and many businesses starting to suffer the effects of a switch to “just-in-case” from “just-in-time,” according to S&P Global Inc. Inventories (which are to be sold at a loss) are piling up and workers are needed less.
That’s a recession.
Graphic: Retrieved from Bloomberg. “The overhang is leading to canceled orders, a sharp slowdown in global trade growth and stagnating factory activity. On one hand, it’s good that logistics networks are seeing relief from the logjams that plagued the start of 2022 — ocean-shipping rates have tumbled close to pre-pandemic levels and delivery times are shortening.”
This said, the “risk of recession, whether it is real or merely implied by an inversion of the yield curve, won’t deter the Fed from hiking rates higher faster or from injecting more volatility to build up negative wealth effects.”
“Rallies could beget more forceful pushback from the Fed,” which is a concern given the poor performance in implied volatility (IVOL) that’s resulted in participants’ disinterest in maintaining their hedges this year; equities’ left tail is growing.
Graphic: Retrieved from Bloomberg. Initially created by QVR Advisors. “When shares drop, demand for fresh protection remains subdued given the unusually thin positioning among big money. At the same time, put owners quickly book profits, often leading to a drop in implied vol.
In summary, there’s no longer “a disinterest and unimportance to cash flows.” The commitment to reducing liquidity and credit has consequences on the real economy and asset prices which rose and kept the deflationary pressure of policies at bay.
It is elevated volatility and persistent declines that are to prompt investors to lower their selling prices in risk(ier) assets (e.g., options bets, metals, cryptocurrency and stablecoins, equities, bonds), and compete for cash.
Positioning
Based on traders’ current positioning, the market, absent exogenous shocks, is more so prone to sharp upside reversals and a slow(er) grind lower.
As the former Bridgewater Associate Andy Constan explained to me once, therefore, you “want Deltas and leverage” via options trades that are defined risk and two-to-four months out in maturity.
We shall go more into this, later.
Technical
As of 8:45 AM ET, Wednesday’s regular session (9:30 AM – 4:00 PM ET), in the S&P 500, is likely to open in the lower part of a negatively skewed overnight inventory, inside of prior-range and -value, suggesting a limited potential for immediate directional opportunity.
In the best case, the S&P 500 trades higher.
If above the $3,828.75 HVNode, the $3,874.25 HVNode is in play. Initiative trade beyond the latter could reach as high as the $3,909.25 MCPOC and $3,936.25 ONH, or higher.
In the worst case, the S&P 500 trades lower.
If above the $3,828.75 HVNode, the $3,806.25 LVNode is in play. Initiative trade beyond the latter could reach as low as the $3,787.00 VPOC and $3,727.00 VPOC, or lower.
Click here to load today’s key levels into the web-based TradingView charting platform. Note that all levels are derived using the 65-minute timeframe. New links are produced, daily.
Graphic: 65-minute profile chart of the Micro E-mini S&P 500 Futures.
Definitions
Volume Areas: A structurally sound market will build on areas of high volume (HVNodes). Should the market trend for long periods of time, it will lack sound structure, identified as low volume areas (LVNodes). LVNodes denote directional conviction and ought to offer support on any test.
If participants were to auction and find acceptance into areas of prior low volume (LVNodes), then future discovery ought to be volatile and quick as participants look to HVNodes for favorable entry or exit.
POCs: POCs are valuable as they denote areas where two-sided trade was most prevalent in a prior day session. Participants will respond to future tests of value as they offer favorable entry and exit.
MCPOCs: POCs are valuable as they denote areas where two-sided trade was most prevalent over numerous day sessions. Participants will respond to future tests of value as they offer favorable entry and exit.
About
After years of self-education, strategy development, mentorship, and trial-and-error, Renato Leonard Capelj began trading full-time and founded Physik Invest to detail his methods, research, and performance in the markets.
Capelj also develops insights around impactful options market dynamics at SpotGamma and is a Benzinga reporter.
In no way should the materials herein be construed as advice. Derivatives carry a substantial risk of loss. All content is for informational purposes only.
