HOUSE_OVERSIGHT_014972.txt

The document discusses equity volatility insights with a focus on the European Union and United States' equity markets. It suggests monetizing correlation through EU bank dispersion and extracting alpha from summer SPX range as policy and positioning create a "collar" equities. The report also recommends buying in-the-money down and out puts on the S&P, and position for greater dispersion in EU bank sector returns by buying a Dec17 call on an equally-weighted basket of Santander, BNP, ING, Intesa, and Deutsche Bank while selling worst-of calls. The report emphasizes that monetary policy is likely not supportive of substantial equity upside but the "Yellen put" still exists with a lower strike.