SPX Gamma AM
Good morning.
Yesterday, put contracts with a strike of 3700 experienced a big volume spike, and as fresh open interest data shows, open interest indeed increased substantially at strikes <= 4000.
While this bearish reshuffling "under the hood" is certainly a cause for a cautious approach forward, yields continue to decline, which could provide some fundamental support, especially for growth stocks.
Also to consider: Current headlines suggest, that Germany might cut it's russian oil supplies in the coming days. It is safe to say, that this could lead to another string of unintended consequences, even though the timing of the impact is unclear.
Total net dealer gamma: -843MM; gamma inversion @ 4480; support at 4200.
Yesterday, put contracts with a strike of 3700 experienced a big volume spike, and as fresh open interest data shows, open interest indeed increased substantially at strikes <= 4000.
While this bearish reshuffling "under the hood" is certainly a cause for a cautious approach forward, yields continue to decline, which could provide some fundamental support, especially for growth stocks.
Also to consider: Current headlines suggest, that Germany might cut it's russian oil supplies in the coming days. It is safe to say, that this could lead to another string of unintended consequences, even though the timing of the impact is unclear.
Total net dealer gamma: -843MM; gamma inversion @ 4480; support at 4200.
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