### Market Overview

The S&P 500 dropped 47 points, around 0.75%, while the NASDAQ fell 168 points and the Russell 2000 suffered a 1.3% decline. Volatility rose nearly 4%, trading just under 24. Bonds weakened, with the 10-Year Treasury near 114. Bitcoin surged approximately $1,000 to $70,400, while Ethereum gained 2%. Oil climbed $5.55 to almost $93, and gold rose $10.

### Trading Strategies

In a recent discussion, the team contemplated a strategy for trading bonds, suggesting a strangle position on ZB. They emphasized maintaining delta exposure and flexibility in trades. Discussions also included the efficacy of pairs trading between MBT and VXM, with skepticism expressed about its viability. The team shared insights on managing zero DT trades and rolling untested positions, highlighting the importance of account size and delta comfort.