SPX Gamma AM
Good morning.
The market looks very constructive, thanks to good numbers from Tesla, while Alcoa is a reminder that supply chain issues pressure are still very real.
The Philly Fed Manufacturing Index meanwhile inched down to 17.6 points in April, while indicating a still very strong labor market, but a big spike in input-costs:
"The indicators for prices paid and prices received continued to suggest widespread price increases and inched higher this month. The prices paid index rose 4 points to 84.6, its highest reading since June 1979 (see Chart 2). More than 85 percent of the firms reported increases in input prices, while 1 percent reported decreases; 11 percent of the firms reported no change. The current prices received index edged up from 54.4 to 55.0. Almost 57 percent of the firms reported increases in prices received for their own goods this month, 2 percent reported decreases, and 36 percent reported no change."
Dealer gamma improved by 235MM to 52MM and the SPX complex now officially trades in "positive gamma land" with 4500 as a strong support with a positive gamma amount of 64MM currently.
The gamma inversion level moved down a notch to 4495, which is a function of an increase in call open interest.
The market looks very constructive, thanks to good numbers from Tesla, while Alcoa is a reminder that supply chain issues pressure are still very real.
The Philly Fed Manufacturing Index meanwhile inched down to 17.6 points in April, while indicating a still very strong labor market, but a big spike in input-costs:
"The indicators for prices paid and prices received continued to suggest widespread price increases and inched higher this month. The prices paid index rose 4 points to 84.6, its highest reading since June 1979 (see Chart 2). More than 85 percent of the firms reported increases in input prices, while 1 percent reported decreases; 11 percent of the firms reported no change. The current prices received index edged up from 54.4 to 55.0. Almost 57 percent of the firms reported increases in prices received for their own goods this month, 2 percent reported decreases, and 36 percent reported no change."
Dealer gamma improved by 235MM to 52MM and the SPX complex now officially trades in "positive gamma land" with 4500 as a strong support with a positive gamma amount of 64MM currently.
The gamma inversion level moved down a notch to 4495, which is a function of an increase in call open interest.
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