Market Structure
Posts about flows, dispersion, news/macro impact, and how market plumbing shapes prices.
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SpaceX options launch Tuesday. Here's the mechanic.
SpaceX options launch on Tuesday. The setup is worth understanding before the chains open.
The equity skew finally caught up
Last week I was banging the drum about equity skew being way too cheap.
The invisible gamma driving these parabolic moves
A market-structure read on why these parabolic moves are getting more violent.
This sounds wrong but it's a reality check
If a big call purchase is a stock-replacement trade, is it bullish or bearish? Bearish. The buyer is reducing his net delta, not adding to it.
Blowout earnings are getting sold. That's a tell.
The NASDAQ rally has at least four tailwinds behind it. Most commentary only names one. Yes, the AI story is real. But look at what else is driving the flow.
The hidden reason NASDAQ upside keeps getting supported
There's a dynamic impacting vol markets this month and it doesn't get much airtime outside hedge fund desks.
The spike in implied correlation and what it means
SPX 3-month implied correlation just spiked to 0.40. Realized correlation? Sitting at 0.15.
$50 billion moves a $50 trillion market
The US stock market is worth $50 trillion. The amount that actually moves it on any given day? About $50 billion. One one-thousandth.