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Andy Constan, founder and strategist at Damped Spring Macro, observes that ZB implied volatility (IV) and skew have risen notably.
Constan suggests that a strategy of selling put spreads and buying call vega with a short position is currently attractive. He adds that, from a longer-term perspective, volatility remains moderate and is not significantly elevated.
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Constan previously clarified the timing and process of Oracle's $7.5 billion share sale after reports mischaracterized the SEC filing, according to earlier coverage. He has also raised questions regarding the terms of Blue Owl and IREN’s $2.4 billion senior secured deal, as noted in a prior report. These observations contribute to his ongoing commentary on major market developments.