Trader Kevin Muir, a former institutional equity-derivatives trader and author of the MacroTourist Substack, expects stock-market volatility to spike around the U.S. midterm elections on November 3, with understated risks of contested or chaotic outcomes. Portfolio protection through S&P 500 put options has become cheaper despite these concerns. Muir argues that options markets are mispricing the potential political and governmental turbulence.
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