How to Play the Laggards in the AI Tech Trade

There's a lot of interest in finding ways to play this momentum driven, multiple expansion driven rally without getting into the high flyers at exorbitant multiples. With our options desk against stone X, what they're doing is buying VXX options, or they're buying puts on the S&P 500 index. These are ways to protect in a cheap way, because the market is so exuberant and complacent at the current levels. And I think that the recession risk is massively underappreciated currently.