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Welcome to the Risk Reversal podcast. I'm Dan Nathan, joined by Guy Dami Guy. How are you this morning?

I'm well. Very well. Thank you. And you? I'm hot to go, buddy. It is Monday. I just buddyed you.

It's Monday morning. It's 9.30. If you're listening to this, I got a little smirk at a guy, Dami. First thing on a very, very busy week. We're going to come in and we're going to talk about what was implied as far as volatility guy for the week because we have CPI Wednesday. We have PPI on Thursday. We have the consumer confidence on Friday. We still have some earnings. We got lots of tape bombs coming out. But it's interesting on the open today. We have an S&P that's down 1.6%. And we have a NASDAQ that's down a little more than 2% already realizing if you had gone out on Friday afternoon and you just wanted to buy volatility into

next week with a VIX that I think it was what, 24 or so, here we are with a VIX dear 27,

you're already realizing a bunch of that move. We talked about it last Monday. When you start to see

the volatility bans widen like this with a VIX that was still you know 20s or something like that that's not

good usually it means more downside you agree with that i do and you know we've been warning against

um i guess situations or circumstances like we find ourselves in now you know the rallies seem like

okay that's it you know we're bouncing here we've seen this before but you know, the rallies seem like, okay, that's it. You know, we're

bouncing here. We've seen this before. But, you know, I would say, and, you know, maybe I'm off

by a day or two, but since like the 18th or 19th of February, something has changed in terms of

the way the market's trading. And these rallies have been violent, but they've also been

somewhat short-lived. And as we've said a number of times,

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