The US 10-year Treasury yield is up 25 basis points to 433 as of April 9th, 2025, signaling deterioration in bond valuations and rising funding costs.

The June gold contract is down 275 basis points to 3,79 as of April 9th, 2025, though much of this weakness has since reversed with gold maintaining its bull market structure.

The May copper contract is down 173 basis points trading to 419 as of April 9th, 2025, with a peak-to-trough decline of more than 20%, representing a major liquidation in a key industrial metal.

The S&P 500 has declined 377 basis points to 5457 as of Wednesday, April 9th, 2025, with peak-to-trough volatility exceeding 15%, followed by the third-largest single-day recovery since 1990 on Wednesday.

In elevated volatility (VIX 30+) environments, buying outright put options is expensive and spreads are more tactically attractive, but spreads only realize their full profit at expiration; tactical investors should either hold spreads to expiration or buy additional spreads to ensure adequate dollar protection when tactical closeouts are needed.