The SPX closed down 1.2%, due to a mix of factors like Putin demanding energy payments to be made in Rubles, apocalyptic comments from Medwedew, the former President of Russia, and sub-par economic data from the US housing market.
Overall the decline was very controlled absent major shocks, as the mechanical drivers that squeezed the markets higher are no longer existent, and the fundamental facts to support higher prices are simply not there at the moment.
Total dealer gamma declined by 249MM to -113MM, while gamma flips at 4480 points now (down from 4490 this morning).
Prominent gamma strikes are located at 4500 (+33MM), 4450 (with only 14MM net gamma, only a minor one though) and 4300 (-29MM).
Overall the decline was very controlled absent major shocks, as the mechanical drivers that squeezed the markets higher are no longer existent, and the fundamental facts to support higher prices are simply not there at the moment.
Total dealer gamma declined by 249MM to -113MM, while gamma flips at 4480 points now (down from 4490 this morning).
Prominent gamma strikes are located at 4500 (+33MM), 4450 (with only 14MM net gamma, only a minor one though) and 4300 (-29MM).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.