GHOST
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What could trigger the next Great Depression-like downturn?

The likeliest path, at 27%, is a stagflationary rate shock, where hikes into an oil spike break the long bond. That would mean a 1970s-style recession, not a 2008-style crash.

Calls

First grades due 25 Jan 2027 · 127 waiting · 45 can't be graded

DateInstrumentCallHorizonReportGrade
OIL_CRUDEHOLDshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDlongChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2028-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

GDXSELLshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

GDXHOLDmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

GDXHOLDlongChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2028-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXHOLDshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXHOLDmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXHOLDlongChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2028-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

XLVLONGshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

XOMLONGmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSDAVOIDshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in BTCUSD and may gain if you act on it. Disclosures

RSP / QQQPAIRmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

XOM / JETSPAIRshortChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-01-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent Jan-27 future / NQ Dec future / GC Dec futurePAIRshortChip rout drags S&P down 1.8% as Intel plunges 28.6%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

HYPE / BNBPAIRmidChip rout drags S&P down 1.8% as Intel plunges 28.6%not graded yet · due 2027-10-31

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPY / Nikkei 225 futuresSHORTmidChip rout drags S&P down 1.8% as Intel plunges 28.6%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Meta AA- downgrade digitalSHORTmidChip rout drags S&P down 1.8% as Intel plunges 28.6%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

QQQ Dec put spread / QQQ Dec callHEDGEshortChip rout drags S&P down 1.8% as Intel plunges 28.6%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent-to-gold ratio swapLONGshortChip rout drags S&P down 1.8% as Intel plunges 28.6%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSDSELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

OIL_CRUDEHOLDshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

US100SELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLmidAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDlongAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2028-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXSELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXHOLDmidAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXHOLDlongAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2028-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINSELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINHOLDmidAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINHOLDlongAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2028-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

BPLONGmidAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSDSELLshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

RSPLONGmidAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-10-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

US30 / US100PAIRshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPY / USDJPYHEDGEmidAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent (Jan-27 options) / Brent (Jan-27 options)LONGshortAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

XLE / SOXX / Brent putsPAIRshortAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

HYPE / BNBPAIRshortAI-spending fears hit chips, Bitcoin slides, Brent near $117not graded yet · due 2027-01-30

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPY / ^N225 / Nikkei callsPAIRmidAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

NDX Dec-26 options / XLE Dec-26 optionsHEDGEshortAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Hack-Overhang Contingent BTC PutLONGshortAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

BOJ-Decision-Contingent Yen CallLONGmidAI-spending fears hit chips, Bitcoin slides, Brent near $117can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDshortFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-01-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDmidFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDlongFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2028-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINHOLDshortFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-01-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINHOLDmidFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

COINHOLDlongFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2028-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

ETHUSDAVOIDshortFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-01-29

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in ETHUSD and may gain if you act on it. Disclosures

PSXLONGmidFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPYLONGshortFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-01-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

US30 / US100PAIRshortFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-01-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSFT / GOOGLPAIRmidFed holds with two hike dissents; Alphabet slides, Microsoft beatsnot graded yet · due 2027-10-29

Investment recommendation under MAR. Assume we hold this position. Disclosures

000660.KS / 005930.KSPAIRmidFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

ULSD/heating oil futures (front quarter) / Brent futures (front quarter)PAIRmidFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

France 10Y OAT futures / Germany 10Y Bund futures / EURUSD 1-month put spreadPAIRmidFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

CDS protection on AI data-centre / neocloud issuers (single-name or basket) / MSFTHEDGElongFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

AMZN, AMD and other remaining reporters: front-month ATM straddles / NDX index options: front-month ATM straddlePAIRshortFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Strike-contingent Brent upside noteLONGmidFed holds with two hike dissents; Alphabet slides, Microsoft beatscan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

ETHUSDSELLmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDshortKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MULONGmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MULONGlongKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MARASELLshortKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MARASELLmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MARAHOLDlongKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLshortKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDlongKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

ETHUSDSELLmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSD / ETHUSDPAIRmidKospi tops 6,000 on SK hynix record; Brent back near $115not graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

WTI Dec-26 $102 call / WTI Dec-26 $110 callLONGshortKospi tops 6,000 on SK hynix record; Brent back near $115can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPY 1m 158.5 call / USDJPY 1m 160.0 call / USDJPY 1m 154 putLONGshortKospi tops 6,000 on SK hynix record; Brent back near $115can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

KOSPI 200 futures / ^N225 futures / Hang Seng Index futuresPAIRmidKospi tops 6,000 on SK hynix record; Brent back near $115can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

WTI/FOMC relief dual-digital noteLONGmidKospi tops 6,000 on SK hynix record; Brent back near $115can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTC Nov 6 $81,000 call / BTC Nov 6 $81,000 putLONGshortKospi tops 6,000 on SK hynix record; Brent back near $115can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

GOLDHOLDmidStocks rally on Anthropic S-1, then fade on Meta raisenot graded yet · due 2027-10-27

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSDAVOIDshortStocks rally on Anthropic S-1, then fade on Meta raisenot graded yet · due 2027-01-27

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in BTCUSD and may gain if you act on it. Disclosures

GOLDLONGmidStocks rally on Anthropic S-1, then fade on Meta raisenot graded yet · due 2027-10-27

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPY 1-week put, strike 157.0 / USDJPY 1-week put, strike 155.0SHORTshortStocks rally on Anthropic S-1, then fade on Meta raisecan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

SPX Oct 30 call, about 2% out of the money / SPX Oct 30 put, about 2% out of the moneyLONGshortStocks rally on Anthropic S-1, then fade on Meta raisecan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

SCHD / QQQPAIRmidStocks rally on Anthropic S-1, then fade on Meta raisenot graded yet · due 2027-10-27

Investment recommendation under MAR. Assume we hold this position. Disclosures

JPY (short USDJPY) / GOLD / Nasdaq 100 Nov 20 call, about 3% out of the moneyHEDGEmidStocks rally on Anthropic S-1, then fade on Meta raisecan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Nasdaq 100 versus S&P 500 ex-AI total-return spread swapSHORTmidStocks rally on Anthropic S-1, then fade on Meta raisecan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

CRWVSELLmidBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDshortBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDmidBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDlongBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2028-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDshortBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MULONGmidBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MUHOLDlongBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2028-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

CRWVSELLmidBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

EWZAVOIDshortBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-01-26

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in EWZ and may gain if you act on it. Disclosures

MU / CRWVPAIRmidBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

USDJPYSHORTshortBrazil assets crash on election; oil slips, AI hardware sells offnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

WTI options (Jan contract) / WTI options (Jan contract)LONGshortBrazil assets crash on election; oil slips, AI hardware sells offcan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

GOLD / GOLD putsHEDGEmidBrazil assets crash on election; oil slips, AI hardware sells offcan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

CRWV, NBIS, IREN basket / MU / SK hynix / SOX putsPAIRmidBrazil assets crash on election; oil slips, AI hardware sells offcan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Neocloud first-to-default credit swapSHORTmidBrazil assets crash on election; oil slips, AI hardware sells offcan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLshortAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDmidAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDlongAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2028-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRSELLshortAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRHOLDmidAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRHOLDlongAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2028-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDshortAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDmidAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDlongAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2028-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

Volatility Shares leveraged crypto ETFsAVOIDshortAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in Volatility Shares leveraged crypto ETFs and may gain if you act on it. Disclosures

RSPLONGmidAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-10-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXAVOIDshortAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-01-26

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in CVX and may gain if you act on it. Disclosures

ETH put (or ETHA put) / ETH putHEDGEshortAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent Dec call / Brent Dec callHEDGEshortAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

US30 / US100PAIRshortAI funding fears spark Nasdaq rout, rotation to defensivesnot graded yet · due 2027-01-26

Investment recommendation under MAR. Assume we hold this position. Disclosures

WTI or Brent front-month futures (or USO) / US airline basket (JETS or DAL/UAL/LUV)PAIRmidAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

QQQ straddle, Oct 30 expiry / QQQ strangle, Nov 20 expiryLONGshortAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Strike-contingent Brent call (Iran event knock-in)LONGshortAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

GOLD put, Dec expiry / GOLD put, Dec expiry / GOLD call, Dec expiryHEDGEmidAI funding fears spark Nasdaq rout, rotation to defensivescan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

OIL_CRUDELONGshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXLONGshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXHOLDmidChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

CVXHOLDlongChip stocks slump eight sessions as yields top 5%not graded yet · due 2028-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRSELLshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRHOLDmidChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRHOLDlongChip stocks slump eight sessions as yields top 5%not graded yet · due 2028-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

005930HOLDshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

005930LONGmidChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

005930HOLDlongChip stocks slump eight sessions as yields top 5%not graded yet · due 2028-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

QQQAVOIDshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in QQQ and may gain if you act on it. Disclosures

XLELONGshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

DIA / QQQPAIRshortChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-01-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent Dec-26 calls ~$110 / Brent Dec-26 calls ~$125LONGshortChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

TSM / MU / CRWVPAIRmidChip stocks slump eight sessions as yields top 5%not graded yet · due 2027-10-25

Investment recommendation under MAR. Assume we hold this position. Disclosures

TSM / MU / Samsung Electronics / CRWV / SOXX / QQQ Nov putsPAIRmidChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

QQQ Oct 23 ATM call / QQQ Oct 23 ATM put / QQQ Nov 20 ATM straddleLONGshortChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

Brent Dec-26 futures / Nasdaq 100 futures / XOMPAIRshortChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

NDX Nov-20 28,000 put / NDX Nov-20 26,500 put / NDX Nov-20 31,500 callHEDGEshortChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

AI Financing Stress Basis NoteHEDGEmidChip stocks slump eight sessions as yields top 5%can't be graded: no price data

Investment recommendation under MAR. This call states no side. Assume the desk may be positioned either way in AI Financing Stress Basis Note and may gain if you act on it. Disclosures

OIL_CRUDELONGshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

GOLDSELLshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

US100HOLDshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

ORCLSELLmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

BTCUSDSELLshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

NSTSELLshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

GERMANY40HOLDshortOil jumps, yields hit 2007 highs, gold and stocks slidecan't be graded: no price data

Investment recommendation under MAR. Assume we hold this position. Disclosures

TRMDLONGshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

TRMDLONGmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

TRMDHOLDlongOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSSELLmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

JETSHOLDlongOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDAHOLDshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDALONGmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

NVDALONGlongOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRSELLshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRSELLmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

MSTRHOLDlongOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXHOLDshortOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXLONGmidOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

SOXXLONGlongOil jumps, yields hit 2007 highs, gold and stocks slidenot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

GOLDLONGmidIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

OIL_CRUDEHOLDshortIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

EIXSELLshortIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

IRENLONGmidIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

WPPSELLmidIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

SHEINHOLDmidIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

BEPCSELLshortIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-01-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

BEPCSELLmidIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2027-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

BEPCHOLDlongIran strike fallout lifts oil, Treasury yields; Dow, DAX slipnot graded yet · due 2028-10-28

Investment recommendation under MAR. Assume we hold this position. Disclosures

About

Ghost in the Markets is an independent market research desk. It publishes briefs on what moved in the markets and why, and thought experiments on what could happen next.

Information, not advice.

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