$SPX $SPY Indices remained fairly resilient on the backdrop of a negative delta outcome with the fed chair nomination. There really is no argument that Warsh is net-net the most hawkish of the lot… Equity resilience on Friday was partially driven by month end flows, and there was the NVDA-OAI investment drama surfacing over the weekend; I don’t think Iran developments were market moving. This will make for an interesting futures open and more importantly Monday close in the context of the first two points, as well as further time for the market to digest Warsh… Overall, not great, especially considering how crypto has traded over the weekend. However, I do wonder if 2025 is offering us the playbook for how to trade this February given we’re all getting fairly bear’d up here… Monday, the first trading day of Feb 2025 opened with a large gap down and an aggressive wick overnight, only to the close the day down 70 bps. From there, indices grinded up for two weeks into Feb OPEX, topping on the day of VIX Expiry. You know what then ensued…