🟢 [E2146] SOFR calls pay off on Fed cutting rates aggressively. Time decay slow (far-dated, deep OTM, low vol). Cost very cheap. If commodity/equity positions get crushed it's probably recession so Fed is cutting. Hedge correlation works.

💬 [E2158] QQQ puts: pays off on tech selloff specifically. Time decay brutal - equity options have much higher IV. Cost expensive near highs. Constant bleed fighting theta daily. If crash takes 6 months, burned through multiple rounds.