PremiumAs we move past expiry, Goldman Sachs one-delta desk-head, Rich Privorotosky, notes that the market has lost some of the concentrated gamma positioning that had been supporting equities.Equally, last week’s expiry effects have now fully rolled off.Technicals
Rates Remain "The 800-lb Gorilla"; Goldman One-Delta Desk Says Watch China, Japan, & Bond Vol
Said another way, systematic re-risking is largely maxed out and sizeable supply opens up if we break lower from here...
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