Is the US equity market primed for a crash?

Today's slide deck: https://bit.ly/3lDEVcu  - 

Today we highlight the incredible surge in equity call option trading in the US this year and especially in recent weeks and ponder whether the underlying market structure risks a significant market dislocation event on any exogenous shock - i.e., a proper crash. We also highlight important equity, commodity and equity stories while encouraging everyone to keep an eye on US yields as a potential gamechanger if yields continue to rise. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.