 What's up, trade hackers? Welcome to today's update. Today is Tuesday, April 28th, starting with the trade hacker question of the day. This was posted in the community this morning. Question was, you know, we hear about put call skew, which is obviously the difference between the puts and the calls equal distance away from the current price. So sometimes puts trade richer than the calls. Sometimes the calls trade richer than the puts. But what is put call parody? So let's think about the word parody to start with. One example unrelated to trading is for all you American football watchers, you know, there's there's a lot of parody in the NFL, meaning the teams are very close as from a talent perspective. And that's why you see that if you get a spread in the NFL for an NFL game over 10, that's a big spread, right? If one team is favored by more than 10 points in the NFL, that's a pretty big spread. Whereas if you look at college football, there's not a lot of parody, meaning you could have 60 point spreads. One team could be 60 point favorite over the other. And so the paired, the word parody just means equal, right? The more equal things are. And so when it comes to put call parody, let's go to the platform and take a look. So let's go to SPY and let's go to the trade tab. And if you go to the one day options, just right before expiration, obviously, the more time in the options, the more extrinsic value, we've talked about extrinsic value a couple times. That's the value above and beyond. That's the pure premium, the time decay, the volatility built into those options. The deeper in the money and the closer you get to expiration, the closer you get to a one delta. And these are kind of jumping around right now. But basically when you get to one delta, the extrinsic value is basically nothing. And so that has a, the parody of those options to the underlying stock are almost equal. And so that's what we're referring to when it comes to parody. And you can look at that on the, on the call side, deep in the money calls near expiration. You can look at that deep in the money puts near expiration, where the extrinsic value is next to zero, where the parody is very close to the underlying stock. Now, back in the day when the floor traders were actual humans instead of computers, a lot of those traders were, were doing arbitrage. So they were finding small discrepancies in the price of the options versus the underlying stock. And so that, that's where they were making their money between the spread, between that, you know, when those things would diverge and it would kind of get them back, get that pricing back to normal. Well, now we have computers doing it. So it's in milliseconds, fractions of milliseconds in fractions of sense. They are constantly getting in and out and creating situation, especially in SPY. I mean, there's no, there's no opportunity at all to do arbitrage because these things are priced so perfectly. And that's because of the speed of the computers and that the volume and everything that goes into that. Now, in some of the lower volume underlines, you know, there might be a little bit more discrepancy, but for a retail trader, there's absolutely no opportunity. You know, that's why there's no floor traders anymore because computers came in and created and more equal, created more parity between the price of the calls and the underlying stock, the price of the puts and the underlying stock. And so that is the situation. So no opportunity for us, but I did just want to clarify that from a perspective of what is put and call parity. All right, what's going on in the market? Well, we've got about, we still got an hour and a half left before the market closes, but S&Ps up six. S&Ps were down last night and then they were up pretty good today. Now they're back down to around flat. Dow up about 100 points. NASDAQ down about 88. Russell up 29. So here's another example of parity. The NASDAQ and the Russell have not had very much parity over the last couple of days. I mean, look at the difference where Russell is up two and a quarter percent. NASDAQ is down a percent. So big divergence there. Kind of the opposite of parity would be a divergence. And so that's what we're seeing here where the NASDAQ is weak today where the Russell is strong. And the same thing yesterday. So interesting pricing there. Oil down a little bit. Gold pretty flat. Bonds up a little bit. And natty gas up a little bit. So a lot of back and forth two-sided action today. If we look at some of the stocks, there's a couple earnings that happened this morning. One of which was love. Let's go to love. That is Southwest Airlines. They announced earnings and not a whole lot of movement. You can see there and even less contraction of implied volatility. Remember, after an earnings announcement, typically we're going to see that Ivy crush, that vol crush that we talked about yesterday. Not so much here meaning there is still some a lot of uncertainty, especially around the airlines. One of the others hog. Harley Davidson announced they're up over 15%. And you did see a little bit of implied volatility contraction, but still not a ton. Not compared to what we're used to seeing after an earnings announcement. So Harley Davidson apparently reported some good numbers. You see Delta Airlines is up 11%. Google announces after the bell today. So let's take a look at Google. Google announces after the bell today. Let's see a couple others. Starbucks, I think, let me check here. Yeah, so after the bell today, we've got alphabet, which is Google. We've got Starbucks and BP also announced before the bell this morning. And then before the open tomorrow, we've got Boeing. And then after the bell tomorrow, some big tech, Tesla, Microsoft and Facebook and eBay. So that is what's going on. If we take a look at what we did today, gotten a little bit short in FXI, the Chinese large cap, this thing obviously with the rest of the market's been on a nice rip to the upside, still expecting some more downside here. And so we did a bunker trade in FXI. So just like we teach in our bunker course, we have very tiny, tiny bit of risk if this thing continues to extend to the upside. But we've got massive potential on any down move in FXI. So that's what we did hope everybody has a great evening. We'll talk to you tomorrow.