SFRA Skew has been pummeled over the past month...

SFRA Skew has flattened over the past month due to heavy buying of wings via Call trees, Call 1x2's, and the unwinding of long downside structures. It appears the market has had enough as a skew buyer emerged today with this trade: PAPER -45,000 SFRZ2 95.625/95.875 CS 1x2 (-1Leg/+2leg) @ 0 REF: 9540. Vol, in general is much lower over this time period. However, these wings are just incredibly cheap as all the uncertainty regarding US and world economies and geopolitics still exist. Below is a chart of SFRZ2 Skew today compared to 1 month ago