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Macro Shock Needed Amid ‘Aloof’ Vol, McElligott Says
You've heard it again and again. Or at least you have if you frequent these hallowed pages. It's hard for stocks to move around when the "gamma pin" dynamic is in play.
Various manifestations of vol-selling have been a remarkably (and, more to the point, reliably) profitable trade in 2023. Consistent profits from vol-selling have a way of pulling in more vol sellers.
One knock-on effect is that, as Nomura's Charlie McElligott reiterated on Wednesday while describing vol as "aloof," "dealers re
Spot closed below 4400 on the S&P today, surprisingly to me on what seemed to be a nothing new news conference by the chair, I did not get overtly hawkish overtones from Powell, curious to see if there is any meaningful follow up to the sell off.