Don Kaufman here. 

Look, I got to tell you something.

The S&P just smashed to new all-time highs Friday. Up 7 handles. Most people are calling that "massively unchanged" - but I'm not most people.

Here's what's got me sweating a little bit, okay?

We just broke out of a volatility box we've been trapped in since early May. 

Six weeks of just pinging back and forth in a 150-point range. And when you smash outside of that box like we did this week? There's this tremendous ball of risk that's just massive.

I mean, come on. 

Look at what happened today - volatility futures started climbing even with markets exploding higher. The VIX was going up with the S&P accelerating to the upside. That's just not a warm and fuzzy feeling.

I gotta tell you - we've got Nvidia closing in on a $4 trillion market cap. Microsoft at $3.7 trillion. 

This marketplace is literally being driven by three stocks right now. We're back to this.

Don't get me wrong, okay. 

As long as we stay above 6100, we're in the clear by a fairly wide margin. But we've seen these volatility box breaks before, and we've seen the precipitous drops that can follow.

The behavior right now? 

It's dangerous. 

And it just started getting dangerous as the marketplace got to fever pitch.

So yeah, traders should sweat these all-time highs. 

But more importantly - and this is critical - you need to know how to actually trade them smart.

I'm breaking down exactly how in this weekend's update. The specific spread trades I've been using. How to position into long volatility. The whole playbook.

WATCH THE FULL BREAKDOWN

To your success,

Don Kaufman

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