The S&P Is Caught In A Gamma Trap, Preventing Turmoil From Record High Valuations [zero hedge]
International Business Machines Corporation (IBM)
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Source: zero hedge
The S&P Is Caught In A Gamma Trap, Preventing Turmoil From Record High Valuations Over the past three days, despite a barrage of negative news about the global economy and crushed hopes about Gilead's Remdesivir treatment which according to the FT was a "flop", stocks have been stuck in a tight range around the 2,800 S&P level, and there is a specific reason for that. As Nomura's Charlie McElligott notes, the S&P 2,800 has emerged as the "Neutral Gamma" zone for the market "and again, is likely to remain that way, as the 3 largest aggregated Gamma strikes on the board have the S&P surrounded" as follows: $1.128B at 2750, $1.357 at 2800 and $1.154B at 2850: Here is the data above shown in combine gamma format: To be sure, with the S&P caught in this "gamma trap" on both sides, bulls will be gunning to close the S&P above the "flip" level 2813 coming out of today’s expiration, which would push dealer gamma in the green, creating a feedback loop whereby higher prices result in even highe
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