WMT

Calls are the richer wing (negative 25Δ RR); underpriced vs its 180-day baseline.

Vol bid into strength — upside convexity chase, not defensive hedging.

ρ confirms — vol moves with spot as the skew implies.

Cheap vs baseline: own the underpriced wing, especially if catalyst/tape agrees.

no proven separation for this bucket yet — relative-value read only