Gordon Johnson(@GordonJohnson19):$SPY up today. Fintwit: "Warsh reassured markets." No. Into the Fed, everyone bought puts. VIX1D: 19 at the presser → 12 this morning. At 12 vol, a 1-day ATM put is worth 35% less than at 19. Insurance gets dumped, dealers buy back hedges, S&P rips. Plumbing, not narrative.

Gordon Johnson

@GordonJohnson19

"Derivatives, are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal”-W Buffett; tweets are not fincl advice

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Gordon Johnson@GordonJohnson19

2026.09.17 13:23

$SPY up today. Fintwit: "Warsh reassured markets." No. Into the Fed, everyone bought puts. VIX1D: 19 at the presser → 12 this morning. At 12 vol, a 1-day ATM put is worth 35% less than at 19. Insurance gets dumped, dealers buy back hedges, S&P rips. Plumbing, not narrative.