{"id":241184,"date":"2026-04-07T13:00:20","date_gmt":"2026-04-07T17:00:20","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=241184"},"modified":"2026-04-08T03:37:38","modified_gmt":"2026-04-08T07:37:38","slug":"stocks-hoping-for-a-taco-tuesday","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/stocks-hoping-for-a-taco-tuesday\/","title":{"rendered":"Stocks Hoping for a TACO Tuesday"},"content":{"rendered":"\n<p>Today is potentially momentous.&nbsp; It\u2019s not every day, thankfully, that a world leader threatens that \u201c<a href=\"https:\/\/www.msn.com\/en-us\/news\/world\/trump-says-a-whole-civilization-will-die-tonight-ahead-of-deadline-for-iran\/ar-AA20lbAt?ocid=BingNewsVerp\">a whole civilization will die tonight<\/a>\u201d, but that specter looms over Iran today.&nbsp; Crude oil understandably continued its three-day advance this morning.&nbsp; After ignoring that rally for two sessions, stocks reacted negatively to oil\u2019s advance today.&nbsp; Even so, by noon ET the S&amp;P 500 (SPX) had only fallen back to levels last seen on Thursday morning.&nbsp; Investors once again are more wary of a bounce than an outright decline.<\/p>\n\n\n\n<p>This is a theme that continues to resonate in equity markets.&nbsp; Particularly with the one-year anniversary of \u201cLiberation Day\u201d and the ensuing rally, we hear numerous discussions about why they are optimistic about a quick resolution to the crisis and thus a big pop in stock prices.&nbsp; I even heard one comparison to the immediate post-Covid reaction and why a similar rally could materialize if hostilities end.&nbsp; I\u2019ll explain why I don\u2019t think these are particularly apt comparisons, but first, we can see from the charts below how expectations for a rally have become well embedded in SPX options pricing.&nbsp; In the first graph below, note the steep skews for upside options, with shorter-dated options showing the steepest upside skew.&nbsp;<\/p>\n\n\n\n<p><strong><em>Skews for SPX Options Expiring April 10<sup>th<\/sup> (top), April 17<sup>th<\/sup> (middle), May 15<sup>th, <\/sup>2026 (bottom)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"707\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-1100x707.png\" alt=\"\" class=\"wp-image-241186 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-1100x707.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-700x450.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-300x193.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-768x493.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16-1536x987.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-16.png 1625w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/707;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p>In the next graph, compare the evolution of skew in options expiring April 17<sup>th<\/sup> (regular monthly expiration).&nbsp; Prior to the start of the war, on February 27<sup>th<\/sup>, SPX options were almost linear, with a relatively steep downside skew and virtually no bump to the upside.&nbsp; Two weeks ago, we began to see an increase in the implied volatilities of upside options; today we see a nearly symmetrical skew in both directions, though there are many more downside strikes.<\/p>\n\n\n\n<p><strong><em>Skew of SPX Options Expiring April 17<sup>th<\/sup>, 2026 on April 7<sup>th<\/sup> (brightest), March 24<sup>th<\/sup> (next brightest), February 27<sup>th<\/sup>, 2026 (faintest)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"584\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-1100x584.png\" alt=\"\" class=\"wp-image-241185 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-1100x584.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-700x372.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-300x159.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-768x408.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15-1536x816.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-15.png 1576w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/584;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p>The evolution of that upside skew, whether the result of \u201cFOMO Insurance\u201d or outright speculation, is stunning.&nbsp; Seemingly no one was willing to speculate on an upward move; now they are willing to pay up for calls that hedge against a significant rally, and the peak probability for those options prices in a bounce to 6750.<\/p>\n\n\n\n<p><strong><em>IBKR Probability Lab for Options Expiring April 17<sup>th<\/sup>, 2026<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"536\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-1100x536.png\" alt=\"\" class=\"wp-image-241187 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-1100x536.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-700x341.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-300x146.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-768x374.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17-1536x748.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/04\/image-17.png 1790w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/536;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p>While I fully understand the psychological motivations behind this pricing \u2013 anyone who missed the post-Liberation Day bounce had a tough time outperforming their benchmark last year \u2013 it is useful to compare and contrast the current situation with the prior setups.<\/p>\n\n\n\n<p>I\u2019ll dismiss the post-Covid analogy quickly.&nbsp; Does anyone reasonably expect a massive bout of fiscal and monetary stimuli once this situation resolves itself?&nbsp; We certainly don\u2019t see that <a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/dude-wheres-my-rate-cuts\/\">in interest rate expectations<\/a>, and while military spending and rebuilding can be stimulative, I don\u2019t expect stimulus checks anytime soon after this situation ends.<\/p>\n\n\n\n<p>As for a comparison to last April, two key differences stand out.&nbsp; First, a set of tariffs can be changed with the stroke of a pen, but a massive buildup of ships and capacity disruption can take weeks or much longer to resolve.&nbsp; Too many key products \u2013 oil, LNG, fertilizer, helium, etc. \u2013 are tied up in the Persian Gulf, in storage facilities, and\/or suffered damage to facilities that produce them.&nbsp; This can\u2019t be resolved as quickly.&nbsp; Second, we simply haven\u2019t fallen as far as we did last year.&nbsp; Remember, SPX was flirting with a 20% decline at its worst; we only flirted with a 10% drop recently.&nbsp; It is difficult to expect a bounce of the prior magnitude when the drop has been about half the earlier fall.<\/p>\n\n\n\n<p>On a human level, I certainly hope that the Iran War is resolved quickly and with as little further damage to people and property as possible.&nbsp; On a stock market level, while that optimism is palpable, it may be overstated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today is potentially momentous.\u00a0 It\u2019s not every day, thankfully, that a world leader threatens that \u201ca whole civilization will die tonight\u201d, but that specter looms over Iran today.\u00a0 Crude oil understandably continued its three-day advance this morning.\u00a0 After ignoring that rally for two sessions, stocks reacted negatively to oil\u2019s advance today.\u00a0 Even so, by noon ET the S&amp;P 500 (SPX) had only fallen back to levels last seen on Thursday morning.\u00a0 Investors once again are more wary of a bounce than an outright decline.<\/p>\n","protected":false},"author":4,"featured_media":238965,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[],"contributors-categories":[13576],"class_list":{"0":"post-241184","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stocks Hoping for a TACO Tuesday | Traders&#039; 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