Morning Briefing

Markets are in a risk-on regime with strong momentum across tech and crypto. The VIX at 14.2 suggests low implied volatility, but the term structure is showing early signs of inversion at the 30-day point. Your portfolio is well-positioned with a 67% long bias, though the concentration in tech (42% of gross exposure) creates tail risk if we see a sector rotation. Key catalysts today: US CPI at 08:30 ET could shift the Fed narrative, and AAPL earnings after close will test your Mean-Rev v1 position. Consider tightening stops on the NVDA position ahead of the CPI print. The BTC/ETH spread convergence trade is progressing as expected with the z-score moving from -1.9 to -0.8 over the past 3 sessions.