SPX Gamma EOD
The SPX made it back into positive gamma territory (18M) and managed to stay there despite a late mini sell-off.
The index overcame early weakness resulting from a report that Germany might be implementing new Covid measures and was then "boostered" by Biden ("no more lockdowns") going into the afternoon.
Compared to Friday (net gamma was at minus 378M) the picture improved, but it is still to early to give an all-clear. VIX still up over four points compared to Wednesday, 10Y yields still down over 12 bps, etc.
The index overcame early weakness resulting from a report that Germany might be implementing new Covid measures and was then "boostered" by Biden ("no more lockdowns") going into the afternoon.
Compared to Friday (net gamma was at minus 378M) the picture improved, but it is still to early to give an all-clear. VIX still up over four points compared to Wednesday, 10Y yields still down over 12 bps, etc.
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