The S&P 500 rose 33 handles to 7,002 after weakness overnight, with Nasdaq leading gains (+270) after recent underperformance. Russell 2000 was flat while Dow declined slightly. Volatility index fell 3% to 18.30 despite trading above 19 yesterday.

Treasuries broke out to 116.11, pushing yields lower. Commodities saw significant moves with oil dropping 4.5% and precious metals tumbling—gold down $39 and silver plunging 3% ($6.50), a notable reversal after recent strength.

For options traders considering strategy selection between short puts versus put ratio spreads, Nick and Tony emphasized risk assessment and capital allocation as key decision factors. When evaluating trade mechanics, they typically targets 30-50 day expirations, 20-30 delta positions, and minimum $1 premium for efficient capital deployment.