Cem Karsan of @Kai-Media joins Chris Vecchio on a session that closed near the lows. His framework is simple to state and hard to accept: over any horizon shorter than a year, flows drive the market, and the narrative gets written afterward to explain what already happened. He explains why structured product issuance has pinned the index through a quiet summer, why that compression tends to dissipate once August expiration passes, and why he has preferred owning longer dated volatility while the front end stays cheap. His views are his own, not tastylive recommendations. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 00:00 Setting up a down session 02:01 Why flows beat the narrative 02:50 What the Treasury is signaling 04:54 How big the market has become 06:27 The capex feedback lo...