Joe and Smiddy, and not much has changed — except the market’s still climbing and vol is still pinned. In this episode, they unpack what’s behind the slow grind higher: vol control funds, CTAs with more to buy, and a retail flow that refuses to quit. They dig into the “Summer of George” market regime, recap Cem Karsan's latest take (blow-off top or slow burn), and reflect on what it’s like trading when fundamentals take a back seat to flows. Also:– Smiddy closes out a painful $15M UNH position– Meme stocks and crypto treasury absurdity– What traders can do if they still want downside exposure– The worst-performing sector of the year– Another round of Trade or Fade