SPX Gamma Update

Open interest remains largely unchanged as fresh data is showing, while investors continue to have very little appetite for downside protection - especially black swan hedging is not en vogue (hopefully this will not turn out to be a mistake).

The situation in a nutshell: PMIs are "crashing" globally and rate hike expectations are being dialed down significantly in the US right now as markets brace for recession. Does this mean the goold-old bad-news-is-good-news-regime is back? I say no. Let's wait what markets are saying.

Good luck!