The Macro Book: $SPY Near-Term Upside, Gamma Flip 4430

Where Macro Meet Markets

The $SPY is down eight percent YTD (at the time of writing). The sell off has been fairly orderly considering the headline risks.

However, there’s a dichotomy in the markets. On one side, we have an S&P 500 futures market that is quite long. On the other, we’ve seen dramatic put/call ratio on $SPY weeklies as high as 4:1.