There is a battle between the macro environment and flows. Cem Karsan says that the increase in interest rates paired with the drained liquidity across the market does not compare to well-supplied volatility. There seems to be a ton of open interest due to structured products. Karsan also discusses stock buybacks and the fact that time is not a bearish investors ally. Is implied volatility still very strong at the center of the S&P 500 or SPX? There is a 5-week OpEx cycle coming in October.