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This feels like medieval torture…trapped in the middle between extremes. 

The S&P 500 ground 5% higher over three weeks

Yet, individual trading days are delivering below-average ranges. 

Gold is leading the charge up 1.71% today while the VIX stubbornly holds at 16 despite new market highs.

It’s left a lot of traders scratching their heads.

Here’s the good news.

Brandon breaks down why both sides are claiming victory when they're both missing the real story. 

The bulls point to the steady grind higher. 

The bears point to elevated skew levels around 150 and institutions buying protection through heavy put hedging.

Here's what's actually happening:

• Retail traders are aggressively bullish and driving the rally
• Institutions remain heavily hedged and concerned about downside risk
• The skew index is telling us to expect frequent small up days with massive crash potential
• Gold outperforming the S&P by 1.2% today signals currency debasement concerns

The dangerous part is how this ends. 

You see, Brandon details that a stock moving 50% higher can also drop 50% in a single session. 

And the downside risk significantly outweighs limited upside potential from these levels.

We've gained 5% off the lows. Maybe we get another 5%. 

But what kind of downside are we talking about? 

Brandon calculates 2000 points or more back to April's lows.

Fortunately for us, Brandon reveals specific spread strategies that let you participate in the upside while capping your risk when these high-flyers inevitably crash.

Video Length: 00:11:31

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