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In this episode of Macro-To-Micro Options Power Hour from Apr 16, 2025, Samantha LaDuc and Hans Albrecht discuss the fragile state of global markets, emphasizing how volatility, de-risking, and geopolitical friction are dominating investor sentiment.

They explore the market’s dependence on Powell capitulating or Trump walking back tariffs, warning that absent those catalysts, equities are likely to remain directionless.

Samantha makes the case that gold has become the new volatility hedge (“the new VIX”) as confidence in bonds erodes, while Hans notes signs of exhaustion in gold's parabolic rally, despite strong macro justification for its strength.

They dive into structural fragility: outflows from U.S. markets, falling dollar, credit market freeze, and increased recession risks—with even BlackRock now calling the U.S. economy already in recession.

The pair dissect headline-driven trading, weakness in tech (especially Nvidia), the risk of guidance misses during earnings, and the importance of managing downside via spreads and collars in a high-vol regime.

video length: 00:52:33

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