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Paul Tudor Jones Says 2027 Gets Rough, and It's Not About Valuations

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Breakdown

0:00S&P 500· ticker

S&P 500 options 2027 expected move ±1100 points

  • Paul Tudor Jones warns 2027 will be challenging
  • Supply concerns over demand
  • Buybacks grew 1% vs capex 38%
  • Alphabet and Meta paused buybacks
  • Money shifted to data centers
2:15S&P 500· ticker

S&P 500 options math for 2027

  • Expected move ±1100 points with 21% V
  • Implied volatility scaled by sqrt(1.2) = 23%
  • Downside 6000, upside 9600
  • Market at 7800, potential 2025 levels
4:05S&P 500· ticker

S&P 500 options conservative expected move

  • Conservative move ±1200 points
  • Downside 6600, upside 9000
  • Put skew to downside
  • Open interest on 6600 line
5:53S&P 500· ticker

S&P 500 put skew and open interest

  • Put skew to downside
  • Implied volatility $86 vs $80
  • More people play downside
  • Crash potential implied
7:40S&P 500· ticker

S&P 500 options skew and market outlook

  • Equidistant delta options skewed downside
  • Downside 6600, upside 9600
  • Market direction unknown
  • Options math used to analyze

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