From Sept 13 through Feb 27 the Fed expanded OUR balance sheet by 11% in Operation REPO. In that same time the $SPX netted a 13.28% gain. From Feb 28 through June 26 the Feb expand by 70% in operation kitchen sink. Resulting in a net gain on $SPX of 2.33% Who is trapped? $ES $VIX https://t.co/OSDx31Wh1a