Deviationz +0.16 · 64thNORMAL
Puts are the richer wing (positive 25Δ RR); near its 180-day baseline.
DriveLOWSTRUCTURAL
Persistent, non-event bid — the current structural skew regime.
Spot–vol linkNOT CONFIRMED
ρ doesn't confirm — positioning/skew dislocation, not a clean spot-vol signal.
Relative valueNO EDGE
Near baseline: no skew edge today — needs another pillar to carry the trade.
Evidence
BEARISHconfidence: medvalidated
NORMAL credit bucket separated -2.0%/20d (survived the per-quarter catastrophic gate);
borrow normal today (point-in-time borrow history unavailable — borrow-clean subset is approximate, so this is a tilt, not a forecast); current regime LOW
borrownormal
earningsunknown
expressput-debit-spread — defined risk
regimeLOW
Structure · put-debit-spread · 35DTE
BUY PUT91 (Δ -0.21)
SELL PUT90 (Δ -0.08)
defined risk; long-premium debit spread; swing hold; exit before next earnings