'This Time Is Different' - Goldman Trader's Thoughts On VIX Into The Last OpEx Before The Election

As we detailed earlier, tomorrow brings the tenth option expiry of 2024, and the last SQ before the US election.

Goldman Sachs trader Brian Garrett notes that implied vols are high(ish) for decent reasons, gamma is paying, the wall of worry persists for now (except for retail), and the VIX complex is depleted.