$SPY Seems to me like a technical regression to build IV One catch is there cannot be too much uptick in realized volatility that can be observed in a more simplified manner through a crossover of vix spot price leading futures. If narratives provide sour outlook to debt ceiling and lockdowns then you know what to do but if no realized volatility is driven bears are gonna hurt. August will be flat if debt ceiling is waived/suspended for august recess I imagine repo markets won’t resolve the issue on their own so let’s see