The Lack of a Bearish Catalyst Has Suddenly Become a Bull Catalyst

Last Friday with operations expiry for index options, we saw about a third of all index gamma expire. That was what catalyzed that kind of process of the VANA and charm flows into last Friday's op-ex. The sort of relief that we're getting here this week is a function of all that sort of put exposure, that short put exposure on the dealer balance sheets, kind of evaporating really for lack of a better word to perpetuate markets higher.

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