hot money, stretched valuations, crypto, mutations & f-ing NFTs

no position at the moment, certainly eyeing some calls on the UVXY once we see sub 15 on the VIX. My call is ~14,50 things get interesting. Not quite there yet, but damn near in the home stretch. Vol will pick up. Really depends on how orderly the next S&P decline manifests in the face of purely overbought euphoria & hot money chasing unbeknownst sanguine & conservative corporate outlooks. Like, what company trading at 50-90x will give a grey guns outlook? If guidance becomes muted in big names, this market gets sour real quick. Priced to perfection, who cares what rates do, but if the vigilantes ratchet up the 10 year while fund managers re-park money in the ^NDX, pile that on as well for near term risk. Get your popcorn ready.