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markets consolidating near the lows on s p over the last few days as the dollars retreated what are we seeing in downside protection remember we saw a bunch of downside protection and skew popping here through January February sold off so that was a good trade to buy that downside but now look what theyve done to skew theyve puked skew in the last few days basically okay so that and thats whilst the s p hasnt really managed to recover the s p is kind of hung in near those local lows touched 39.50 yesterday yet again so is that a sign uh we do think thats a bit of a Divergence from the volatility complex and the options Market versus what spot is doing so we do think people monetizing Hedges there market makers getting a bit more comfortable of where the Vol should be priced on the downside all these things reflect the potential that a tactical rally in stocks may be on the cards so whether it happens now whether we need ISM services on Friday to get out the way or not we do think