Calls Over Cash: Traders Position With Cheap Optionality Amid Calm

After the China/US trade talks

JPM's great derivatives team dives in: "The China-US trade talks in Geneva have been more positive than anticipated and have resulted in a normalization of the volatility spread between the S&P 500 and European indices. We recommend buying SPX short-dated calls, fully funded by selling DAX or SX5E calls