SPX Gamma Wrap
As expected the trading session was very volatile and showcased a 120 point gamma squeeze that had no fundamental catalyst.
The SPX closed 2.5 percent higher, but the gain was substantially reduced in the after hours after disappointing earning reports .
Today’s GDP print was unexpectedly weak and was a first sign that the US is heading into a stagflationary environment, even though domestic demand didn’t look bad.
Dealer gamma improved by 197MM to -782MM while tomorrow another 136MM of negative gamma will have expired, but the question is where the contracts are getting rolled.
It might be possible that the mechanical squeeze continues, but the FOMC meeting is looming large, and next Wednesday we will find out if markets really can walk the walk.
Last but not least, geopolitics: Germany is dropping its opposition to an oil embargo according to the Wall Street Journal and cleared the path for the delivery of heavy weapons to Ukraine.
During the day explosions were heard in Russia and then (probably in retaliation) in Kiev, which underscores that this conflict is just in the warm-up phase, and might very well get nuclear after the summer, when Russia's new ICBMs are fully operational.
The SPX closed 2.5 percent higher, but the gain was substantially reduced in the after hours after disappointing earning reports .
Today’s GDP print was unexpectedly weak and was a first sign that the US is heading into a stagflationary environment, even though domestic demand didn’t look bad.
Dealer gamma improved by 197MM to -782MM while tomorrow another 136MM of negative gamma will have expired, but the question is where the contracts are getting rolled.
It might be possible that the mechanical squeeze continues, but the FOMC meeting is looming large, and next Wednesday we will find out if markets really can walk the walk.
Last but not least, geopolitics: Germany is dropping its opposition to an oil embargo according to the Wall Street Journal and cleared the path for the delivery of heavy weapons to Ukraine.
During the day explosions were heard in Russia and then (probably in retaliation) in Kiev, which underscores that this conflict is just in the warm-up phase, and might very well get nuclear after the summer, when Russia's new ICBMs are fully operational.
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