The MacroTourist

The MacroTourist

GAMMA RUNS BOTH WAYS

Kevin Muir's avatar
Kevin Muir
Dec 14, 2016
∙ Paid
http://themacrotourist.com/images/ShortGammaDec1416.png

Word on the street is that there is $5 billion dollars of short stock market gamma up here at these lofty levels. For those who don’t practice the dark arts of option trading, that means as the stock market rises, the dealers who are short these options, have to buy about a billion dollars of stocks every time the S&P rises 5 points.

That’s a big positio…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2026 Kevin Muir · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture