And now what? That’s the question that arose into investors mind after the announcement of a phase one trade deal between the US and China last Friday and, ironically, the market closed almost unchanged. The behaviour of various market participants were at odds: we observed some selling pressure in stocks, as measured by our buying/selling index whereas options traders were heavily buyers of calls and the SKEW index, measuring the slope of the implied volatility curve of out of the money S&P 500 options, steepened sharply. Let the dust settle down over the next few days to get a better image of internal forces at work in this market that’s getting close to the end of the year, there are only 5 important trading days in 2019.