Good morning.
Dealer gamma registers at extreme -1208MM. Liquidity is very thin which can unleash big moves in both directions. Open interest data shows that investors bought out-of-the-money-puts en masse yesterday, which makes the very low VIX reading even more obscure.
This is a dangerous and very fragile market. Do not rely on technicals and stay protected (a stop-loss order does NOT protect).
More updates later.
Dealer gamma registers at extreme -1208MM. Liquidity is very thin which can unleash big moves in both directions. Open interest data shows that investors bought out-of-the-money-puts en masse yesterday, which makes the very low VIX reading even more obscure.
This is a dangerous and very fragile market. Do not rely on technicals and stay protected (a stop-loss order does NOT protect).
More updates later.
And sorry for yelling :)