'Trump Collar' Has Saved Stocks But Seasonality For Vol Is About To Turn Higher

The last month or two have seen one heck of a move higher in Equities, based on two catalysts that Nomura MD Charlie McElligott has discussed previously in detail:

1. The “Trump Collar”

POTUS de facto “Selling the Call” at highs, leaning-in on Tariff rhetoric when the market is giving it to him, but still with his “Long Put” struck lower in the case of self-induced calamity