Nomura's Charlie McElligott is amused on Friday morning.
It would appear that his call for a mini-melt-up/local peak followed (perhaps) by a "tipping over" starting next week and continuing into month-end has been at least partially realized as equities look to cap off a good week (documented here early Friday).
"We see the gravity of the 2825 large OI strike currently 'pulling' Spooz higher, pinned exactly at the $3.6B SPX 2825 strike", Charlie writes, in his latest daily missive, adding a "LOL" for emphasis.
Those who have followed his "March surprise" narrative know that going forward, things could get a bit dicey based on a "down-out-of" post-Op-Ex seasonal combined with three quarters of the S&P being in their blackouts and the mechanical pulling higher of pivot levels for Nomura's CTA model (the higher those sell trigger levels are pulled, the lower the threshold is for a minor selloff to cause CTA de-leveraging).
One of the points McElligott has made while elaborating on this "Ides of March" thesis is that given the "flow-less" nature of the YTD surge (i.e., a lack of participation by key investor groups), the potential exists for folks to start chasing at just the w
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