Options Call Overload Triggered Friday’s Market Selloff
When someone answers "What do you think triggered the big stock market selloff Friday?" They will come up with a large list of narratives, none of which mention positioning: People were choking on calls on Thursday, and purging all those calls on Friday. ex: $SMH (pink) went from top right on this chart on Thursday (calls priced higher than puts in the +90% %'ile), to puts and calls being equally valued (i.e. center of chart). Then look at how expensive QQQ options were INTO the Friday vs SPY (Y axis). Tech heavy Qs were massively overvalued related to SPY as everyone over-FOMO'd tech. Positioning needed a reset.
AI Hype Fuels Record Dispersion: Stocks Set to Outpace Index
CBOE DSPX (dispersion) is now the 3rd highest reading of this index ever, second only to Tariffs in Apr 25 and Covid in 2020. DSPX measures the IV of the SPX to the IV of single stocks and marks the...
IREN Near Bottom of Negative Gamma Pocket, $60 Support Holds
$IREN halfway through the negative gamma pocket...it has support at $60 thru to Friday night. https://t.co/hUlCDzT6Hq
SPX >7,500 Faces $8B Negative Delta Resistance
Each of the last 3 times SPX tested >7,500 (black) we've seen big negative deltas (purple) push back. This time it was ~$8bn. There is a 30k lot of MM 7,500 calls is non-0DTE, too, which may keep this...
SpotGamma Reveals When News‑Driven Momentum Will End
When major news drives the market, how can you tell where the momentum will stop? SpotGamma's key levels reveal where price is likely to stall or reverse — learn more at Playing Against the House, our free webinar on Wednesday...
S&P Streak Hits 8 Weeks, NVDA Warns of Rapid Unwind
Eight straight weeks of gains in the S&P 500 marks the longest streak since 2023. However, NVDA earnings last week shows how bullish positioning can quickly unwind if soaring expectations are not realized: https://t.co/QqdctuRxrF
Massive Put Buying, Call Selling Signal Extreme SPX Negativity
-$16bn I believe this is near to the most negative delta day I've ever seen. This is put buying and call selling in size in the SPX. very very strange, and it feels not great. https://t.co/anmJl5fL8O
NVDA Earnings: Crowded Upside, Use Call Flies
$NVDA earnings: ~5.2% implied move down from ~6.5% The main features are: 1) IV is high - even relative to prior earnings 2) Call skews = 100 %'ile, Put skews = 0% Expecting big upside seems like a very crowded trade. We like call flies...
Juneteenth Moves VIX Expiration to Today
PSA This AM is VIX expiration. Normally it’s on Wednesday, but the Juneteenth holiday shifted VIX exp to today. VIX expiration is set 30 days before the next SPX OPEX.
SPX 0DTE Long Calls Surge to 40k, Shift Up
The 0DTE SPX Long Call volume today is 🥜 🍌 We start off with 26k at the 7,525. That builds to over 40k (!) by 10:45. Those positions then started to get closed, and it looks like rolled up into...
SpaceX Schedules Roadshow, Investor Day, Retail Share Allocation
FYI SpaceX Preliminary: • Roadshow launch: Week of June 8, 2026 — when executives and bankers will pitch to institutional investors. • Investor Day: June 11, 2026 — SpaceX plans a major event for ~1,500 retail investors (with up...
Insurance Firms Flood Market, Tame Options Pricing
"options prices have been tamed by an influx of supply from deep-pocketed insurance agents" Thanks @Spencerjakab @WSJ https://t.co/lKjXQSTRGC
Micron Call Premiums Outpace SPY and QQQ Combined
massive call premiums in. dominating the options complex today $MU $SNDK $INTC the chase extends
Bot Flips $900k eBay Calls, Profit Doubles Overnight
On Friday some lucky fella bot $900k worth of $EBAY May 15th $106 calls for ~$3. Friday night deal announced. Today those are worth ~$6. https://t.co/d2TrOCJCuT
7,180 Confirms Shorts; Tail‑risk Jokes Keep Coming.
<7,180 is the confirmation for shorts. Until then, you can continue to make fun of me complaining about tail risk. https://t.co/HPV2XBaCSU