Look for the VIX to back off as we enter earnings season.
The Fed can't justify a rate cut soon on the strong jobs growth data. Expect bond selling and a follow-on hit to equities.
Where did the VIX go?
Options enable traders to express their opinions in market pricing without the stress and risk of buying or selling futures contracts outright.
As investors once again anticipate a near-ZIRP environment, keep an eye on defense names and gold.
The market is cheering for rates to be cut, but forgets they are being cut on the back of global growth collapsing, which is negative for risk assets.
Commodity prices are highly influenced by action in the currency markets which will undoubtedly have something to say about the Federal Reserve meeting.
The longer the Fed waits to cut, the lower rates will ultimately go, but so far there's little hint of action to come.
The risk of being 'long and wrong' is now elevated while the upside profit potential is likely minimal.
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