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NVIDIA (NVDA) just reported earnings. The S&P futures jumped 30-40 handles. Most traders think the risk just evaporated.

They're dead wrong.

NVIDIA's expected move was $14. The stock is only up $7-8 after hours. That underwhelming response should tell you something important about this market's appetite for risk right now.

But here's what really caught my attention tonight.

The VVIX closed at 120. That's an extreme reading that screams institutional hedging activity. When you need to be under your desk with a helmet on, the VVIX hits 120.

Even after NVIDIA reported, volatility futures barely budged. The market expected this earnings catalyst to drain the tension. It didn't happen.

Look at what we've seen this week:

• Started at 6460, closed today at 6481 (basically flat)
• Hit both edges of our 144-point expected move in just three days
• Today alone had a 68-point expected range with massive two-sided swings
• VIX holding near recent highs despite the rally

The ranges are what matter right now. Forget direction. These massive wicks on every session signal wild two-sided trade, and there's zero evidence that changes tomorrow.

Tomorrow brings non-farm payrolls on a Thursday (yes, really). The expected move through Friday is still sitting at 107 points. Tomorrow alone is pricing an 80-point move.

Retail traders keep trying to buy dips. Look at crypto if you need proof that strategy isn't working. Bitcoin is down 30% from recent highs and dip buyers are nowhere to be found.

The market wants to latch onto seams in the risk. Don't be surprised if we test back down to 6590 (the lower edge of this week's expected move) by Thursday or Friday. That's not bearish talk. That's a volatile market hunting for support levels.

These expected moves and elevated volatilities reek of two-sided trade. Keep your helmet on.

Video Length: 00:12:11

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