Everything seemed to play out wonderfully today. We established a new trading range between 4750 and 4700, where we identified significant gamma levels, before gravitating to our new pivot at 4725. However, a brutal sell seemingly out of nowhere proved to be highly disruptive.
Some key figures: Total gamma decreased from 520M to only 367M, which should open the door to more vol tomorrow and gamma inversion now happens below 4610. We will post follow ups if required since SPX options are being traded 24/7 starting this week.
Earlier today we pointed out, that rate hike expectations gapped higher after Powell got renominated, you might want to take a look at the chart we posted and we also highlighted the rate action at the short end, supported by two failed auctions.
Very interesting also the Goldman piece that Zerohedge posted right around the time the markets crashed. Apparently Goldman is betting on a "meteoric year-end meltup". Well see about that.
Some key figures: Total gamma decreased from 520M to only 367M, which should open the door to more vol tomorrow and gamma inversion now happens below 4610. We will post follow ups if required since SPX options are being traded 24/7 starting this week.
Earlier today we pointed out, that rate hike expectations gapped higher after Powell got renominated, you might want to take a look at the chart we posted and we also highlighted the rate action at the short end, supported by two failed auctions.
Very interesting also the Goldman piece that Zerohedge posted right around the time the markets crashed. Apparently Goldman is betting on a "meteoric year-end meltup". Well see about that.
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! Will post update shortly. Investors de-risked overnight, stay tuned.
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SPX AM Update here:
