Cerebras, SpaceX, and the Return of the Blockbuster IPO
The IPO market is not back to 2021 levels, but it is no longer frozen. Cerebras Systems' debut today marked the biggest U.S. IPO of 2026 so far, and investor attention is already rotating toward an even larger potential event: a SpaceX listing later this year. For investors who want exposure ahead of time, a small cadre of ETFs now offers indirect stakes in SpaceX and other late-stage private companies—bridging the gap between private markets and public portfolios.
Read More →MARKET COMMENTARY
Explore →Reading the VIX: When Fear Becomes a Signal
The CBOE Volatility Index sits at levels that have historically preceded meaningful market turns. Here's how to interpret what the VIX is actually telling us — and what backwardation versus contango tells traders about positioning.
May 5 — Broad Market Rally Stalls at Resistance
After four weeks of gains, the S&P 500 met sellers at a key technical level. We examine the volume profile, sector rotation, and what earnings season could mean for the next move.
VIX Term Structure: A Leading Indicator for Portfolio Risk
The relationship between short-dated and longer-dated VIX futures can signal regime changes before price does. We look at how the term structure is currently positioned and what it implies for near-term volatility expectations.
EDUCATION
Explore →Implied Volatility Crush: How to Position Ahead of Earnings Season
IV crush is one of the most predictable events in options markets — and one of the most misunderstood by retail traders. This piece explains the mechanics and walks through the calendar spread approach to harvesting IV decay.
Understanding Put-Call Parity: The Foundation of Options Pricing
Put-call parity is the relationship that makes options markets coherent. Once you understand it, the entire options pricing framework — and many arbitrage opportunities — become immediately legible.
The Greeks, Explained: Delta, Gamma, Theta, and Vega
Delta, gamma, theta, vega — these four letters are the vocabulary of options risk. We explain each one in plain English, with specific examples showing how they interact in a real position.