No Country For Call Sellers

US equities came into the June FOMC meeting not just in melt-up mode, but in "crash-up" mode. The two aren't mutually exclusive, but the former tends to precede the latter. To grasp the distinction, you'll need to be fluent in market colloquialisms -- Merriam-Webster isn't your go-to for this. As discussed here on a number of occasions, markets have evidenced a "grab" for upside as a previously under-positioned (but now more neutral) discretionary crowd chased the rally. You can see it options