It's Friday, July 31st, 2020, just after market closed in New York. This is the Real Vision Daily Briefing.

I'm Ash Bennington, joined shortly by Logica's Mike Green.

But first, with today's stories, Jack Farley.

Thanks, Ash. I'm sure you're looking forward to your talk with Mike Green. I know I certainly am

Facebook, Amazon, and Apple all posted phenomenal earnings reports yesterday

troubcing estimates from analysts. Amazon reported a record quarterly revenue with its earnings of 5.2 billion exceeding estimates by a wide margin.

Apple also reported strong growth, crushing Q3 expectations with higher than expected sales in products as well as services.

The results are especially impressive considering the damage that the pandemic has inflicted to global supply chains.

And Facebook, too, showed resilience in the face of a crisis,

growing revenues 11% and beating earnings estimates handsomely as well. The

outperformist of tech against other sectors has been a defining feature of this crisis this year.

But today the bifurcation was particularly noticeable as Facebook, Amazon, and

Apple rallied hard on the good quarterly results.

The bullishness for big tech names can be seen not only by looking at the historical

prices in stocks, but by looking at the derivatives markets as well. You can look at the right tail

skew for the fang stocks, indicating that the calls in these big names are being bid up.

This is something that Chris Cole pointed out on today's ahead of the curve.

This ahead of the curve was a deep dive into volatility. For this, we wanted to explore

a little feature of the market that you need to keep your eye on, but as an asset class within itself,

and arguably the ultimate asset class.

So it's a three-part series.

It's hosted by Jason Buck who many of you know and we said to Jason,

...