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Equity Proprietary Trading
Macro Regime Analysis
Risk-Off Routing: VIX Spikes, ETF Volume and the Case for ATS Awareness
On VIX>28 days the SPY intraday range medians 2.20% and QQQ 2.73% — 3x calm-tape behaviour. We don't trade risk-off by cutting size; we reprice volatility, ETF volume, and quote stability and let those decide the route.
Yield Shock Playbook: How QQQ, NVDA and SMH Behave When Rates Move
Across 1,092 sessions 2022-2026, NVDA decoupled: on >+10bp 10Y yield days, QQQ -0.25% and SMH -0.21% but NVDA +0.30%. The textbook 'yields up = tech down' rule is wrong about the leader.
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