1/7 $SPX closed 0.8% higher after a late move higher that was purely mechanical and not fundamentally supported by rates, dollar and other cross assets. This is a warning sign that we are not out of the woods yet.

#FED #SPX500 1/6 The zero gamma level has been defended at all costs for several weeks, every time we reach this zone, the crunch vol regime is activated and consequently risk on appears with the multiple tools that the market has for this purpose.

1/7 Some metrics of this animal spirits for history Bullish views spread to highest number of sectors since 2021, led by healthcare and tech.

1/8 $SPX $VIX the volatility crush regime in its purest essence: VIX 1-day spiked to about 19 by the close yday, which is actually on the upper end of this historical range over the past year. Following the release of the CPI report, the VIX 1-day collapsed to below 11.

1/3 We keep these charts in the historical archive to remember in a few years what the market loved to play so much: Gamma squeeze in stocks that have a larger market cap than any country's entire stock market $GOOG GEX Profile and Flows (ultra short term expirations)

1/5 In this market disconnected from reality, the flows coming from a fund positioning alter the whole market and trigger other option flows, which makes the snowball even bigger. $QYLD, this fund had 5100 NDX Jan 16650 calls to buy yesterday. $8.6B of delta to buy!!!

1/5 #MOAB #SPX Big week in terms of options expiration. Vixpiration, wed and Monthly OPEX, Fri The strike with the highest gamma notional is 4800, the market should stay stuck to it.

7/10 poco a poco fueron comprando la put (itm) 12.5 con vencimiento 16/02. La baja liquidez en opciones sobre este valor obliga a una fragmentación a la hora de montar la posición y a su vez pensamos que también se ha hecho así para no llegar como un elefante en una cacharrería..