ARKK Gamma & What's Really Behind The QQQrash?

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ARKK Gamma & What's Really Behind The QQQrash?

zerohedge2021-05-11

Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...

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Vincewjs
·2021-05-12
Just don't see a portfolio of mine without tech related investments...Tech is an important source to drive any economy forward since life existed...don't understand if anyone would ever bet against tech in the long run. Don't seem wise in my opinion
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snd
·2021-05-12
Haha
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snd
·2021-05-12
Great article, thanks thanks thanks.
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开开心心好心情的兄弟
·2021-05-12
Just buy more la. Don't be a scary cat. Trust the right side of innovation
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- 开开心心好心情的兄弟:
  see the stock is rocket . ?
  2021-05-15
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- 开开心心好心情的兄弟:
  those with patience will get the last laugh. endure ?
  2021-05-14
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- 开开心心好心情的兄弟:
  stock is waiting game. only those if patient will win
  2021-05-13
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Xrealm
·2021-05-12
Old
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- Xrealm:
  foef
  2021-05-12
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Jkan
·2021-05-12
Gd
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- Xrealm:
  vub
  2021-05-12
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YauDK
·2021-05-12
I agree and love y’all, like and comment pls
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- imteng87:
  Like and comment pls. Thanks.
  2021-05-12
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CharlesKing
·2021-05-12
Like and comment plz???
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DesmondChin
·2021-05-12
Woodie out of woods
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Stevenoh
·2021-05-12
Up and down and up
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- MingXuan:
  hi
  2021-05-12
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kyawkh
·2021-05-12
Umm
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Atwosome
·2021-05-12
Two things were behind the QQQ crash - ARKK's vicious circle and CTA Deleveraging.
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JayTan
·2021-05-12
Like and comment
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- MRMR:
  Ok
  2021-05-12
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- JayTan:
  Thks
  2021-05-12
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- White Cat:
  please like and comment
  2021-05-12
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Jassss
·2021-05-12
Like and comment pls
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- White CatReplying toJassss:
  ty
  2021-05-12
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- Jassss:
  Sure
  2021-05-12
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- Jassss:
  Ok
  2021-05-12
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1Man2Stonks
·2021-05-12
Nice wood
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Ericlam
·2021-05-12
Stay calm
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- Ericlam:
  Nice
  2021-05-12
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- Ericlam:
  Nice
  2021-05-12
  Reply
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- Derrick0359:
  [Cool][Cool]
  2021-05-12
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K74
·2021-05-12
Well read
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- Ericlam:
  Nice
  2021-05-12
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HoldTheDoor
·2021-05-12
Like and comment please
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- KFChen:
  Like n comment pls
  2021-05-12
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- nicholastsj:
  please reply to comment
  2021-05-12
  Reply
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CherylNg
·2021-05-12
Wow
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- newbe1001:
  ooh
  2021-05-12
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seejy
·2021-05-12
[呆住] [呆住] [呆住]
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- Ericlam:
  Nice
  2021-05-12
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}\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"QQQ","symbol_name":"纳指100ETF","start_time":0,"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","article_id":"1138008630","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","pubTimestamp":1620745704,"sourceInfo":null,"weMediaInfo":null,"summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"translate_title":"ARKK Gamma&QQQrash背后的真正原因是什么？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARKK":0.9,"QQQ":0.9},"content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":193884634,"gmtCreate":1620779760028,"gmtModify":1704348202612,"author":{"id":"3580530961144265","authorId":"3580530961144265","name":"Vincewjs","avatar":"https://static.tigerbbs.com/b82f615cebf44420a077b013694f231d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3580530961144265","idStr":"3580530961144265"},"htmlText":"Just don't see a portfolio of mine without tech related investments...Tech is an important source to drive any economy forward since life existed...don't understand if anyone&nbsp;would ever bet&nbsp;against tech in the long run. Don't seem wise in my opinion","listText":"Just don't see a portfolio of mine without tech related investments...Tech is an important source to drive any economy forward since life existed...don't understand if anyone&nbsp;would ever bet&nbsp;against tech in the long run. Don't seem wise in my opinion","text":"Just don't see a portfolio of mine without tech related investments...Tech is an important source to drive any economy forward since life existed...don't understand if anyone would ever bet against tech in the long run. Don't seem wise in my opinion","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193884634","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193176710,"gmtCreate":1620777783730,"gmtModify":1704348132467,"author":{"id":"3583811117795819","authorId":"3583811117795819","name":"snd","avatar":"https://static.tigerbbs.com/489eabf54a7f41df714f354de59deefd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3583811117795819","idStr":"3583811117795819"},"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193176710","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193176802,"gmtCreate":1620777755106,"gmtModify":1704348131817,"author":{"id":"3583811117795819","authorId":"3583811117795819","name":"snd","avatar":"https://static.tigerbbs.com/489eabf54a7f41df714f354de59deefd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3583811117795819","idStr":"3583811117795819"},"htmlText":"Great article, thanks thanks thanks.&nbsp;","listText":"Great article, thanks thanks thanks.&nbsp;","text":"Great article, thanks thanks thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193176802","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193142663,"gmtCreate":1620777395952,"gmtModify":1704348119955,"author":{"id":"3569313801991301","authorId":"3569313801991301","name":"开开心心好心情的兄弟","avatar":"https://static.tigerbbs.com/dff103551cc901aee1ee3b3d32ec232c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3569313801991301","idStr":"3569313801991301"},"htmlText":"Just buy more la. Don't be a scary cat. Trust the right side of innovation","listText":"Just buy more la. Don't be a scary cat. Trust the right side of innovation","text":"Just buy more la. Don't be a scary cat. Trust the right side of innovation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/193142663","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4334383,"gmtCreate":1621051865073,"gmtModify":1680788911576,"authorId":3569313801991301,"author":{"id":3569313801991301,"idStr":"3569313801991301","authorId":3569313801991301,"name":"开开心心好心情的兄弟","avatar":"https://static.tigerbbs.com/dff103551cc901aee1ee3b3d32ec232c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193142663,"type":1,"supId":0,"prevId":0,"content":"see the stock is rocket . ?","text":"see the stock is rocket . ?","html":"see the stock is rocket . ?"},{"id":4322494,"gmtCreate":1620959312984,"gmtModify":1680788673140,"authorId":3569313801991301,"author":{"id":3569313801991301,"idStr":"3569313801991301","authorId":3569313801991301,"name":"开开心心好心情的兄弟","avatar":"https://static.tigerbbs.com/dff103551cc901aee1ee3b3d32ec232c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193142663,"type":1,"supId":0,"prevId":0,"content":"those with patience will get the last laugh. endure ?","text":"those with patience will get the last laugh. endure ?","html":"those with patience will get the last laugh. endure ?"},{"id":4313881,"gmtCreate":1620903345351,"gmtModify":1680788524313,"authorId":3569313801991301,"author":{"id":3569313801991301,"idStr":"3569313801991301","authorId":3569313801991301,"name":"开开心心好心情的兄弟","avatar":"https://static.tigerbbs.com/dff103551cc901aee1ee3b3d32ec232c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193142663,"type":1,"supId":0,"prevId":0,"content":"stock is waiting game. only those if patient will win","text":"stock is waiting game. only those if patient will win","html":"stock is waiting game. only those if patient will win"},{"id":4297279,"gmtCreate":1620778980785,"gmtModify":1680788224802,"authorId":3574119575606145,"author":{"id":3574119575606145,"idStr":"3574119575606145","authorId":3574119575606145,"name":"L1324","avatar":"https://static.tigerbbs.com/b05b9f32dd8af2590c80da38d48e37fc","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193142663,"type":1,"supId":0,"prevId":0,"content":"did i bet on the wrong side?  [捂脸]","text":"did i bet on the wrong side?  [捂脸]","html":"did i bet on the wrong side?  [捂脸]"}],"langContent":"EN"},{"id":193120804,"gmtCreate":1620776219108,"gmtModify":1704348085688,"author":{"id":"3563000008783601","authorId":"3563000008783601","name":"Xrealm","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3563000008783601","idStr":"3563000008783601"},"htmlText":"Old","listText":"Old","text":"Old","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193120804","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296452,"gmtCreate":1620776238836,"gmtModify":1680788206017,"authorId":3563000008783601,"author":{"id":3563000008783601,"idStr":"3563000008783601","authorId":3563000008783601,"name":"Xrealm","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193120804,"type":1,"supId":0,"prevId":0,"content":"<u>foef</u>","text":"<u>foef</u>","html":"<u>foef</u>"}],"langContent":"EN"},{"id":193162626,"gmtCreate":1620776023765,"gmtModify":1704348080503,"author":{"id":"3574381604982902","authorId":"3574381604982902","name":"Jkan","avatar":"https://static.tigerbbs.com/9e5803c697580c21a815764131d05679","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3574381604982902","idStr":"3574381604982902"},"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193162626","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296454,"gmtCreate":1620776245343,"gmtModify":1680788199315,"authorId":3563000008783601,"author":{"id":3563000008783601,"idStr":"3563000008783601","authorId":3563000008783601,"name":"Xrealm","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193162626,"type":1,"supId":0,"prevId":0,"content":"<u>vub</u>","text":"<u>vub</u>","html":"<u>vub</u>"}],"langContent":"EN"},{"id":193169613,"gmtCreate":1620775765832,"gmtModify":1704348073210,"author":{"id":"3580072870029753","authorId":"3580072870029753","name":"YauDK","avatar":"https://static.tigerbbs.com/4e00c10df4000c04392220903422d15f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3580072870029753","idStr":"3580072870029753"},"htmlText":"I agree and love y’all, like and comment pls&nbsp;","listText":"I agree and love y’all, like and comment pls&nbsp;","text":"I agree and love y’all, like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193169613","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4297038,"gmtCreate":1620778379858,"gmtModify":1680788214129,"authorId":3567166157226906,"author":{"id":3567166157226906,"idStr":"3567166157226906","authorId":3567166157226906,"name":"imteng87","avatar":"https://static.tigerbbs.com/85b7b030b8b0786177d474964394bab4","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193169613,"type":1,"supId":0,"prevId":0,"content":"<p>Like and comment pls. Thanks.</p>","text":"<p>Like and comment pls. Thanks.</p>","html":"<p>Like and comment pls. Thanks.</p>"}],"langContent":"EN"},{"id":193184652,"gmtCreate":1620775638276,"gmtModify":1704348068994,"author":{"id":"3579391265651951","authorId":"3579391265651951","name":"CharlesKing","avatar":"https://static.tigerbbs.com/d8fbdcf3295ba7f84c1f2205610ea968","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3579391265651951","idStr":"3579391265651951"},"htmlText":"Like and comment plz???","listText":"Like and comment plz???","text":"Like and comment plz???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193184652","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193183469,"gmtCreate":1620775344751,"gmtModify":1704348060358,"author":{"id":"3578983795474363","authorId":"3578983795474363","name":"DesmondChin","avatar":"https://static.tigerbbs.com/b90cb6b6a6c328ac8d02a829e5e7c835","vip":1,"hat":"https://static.tigerbbs.com/46b6808e1ba3716fb9c53339adffa3c5","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3578983795474363","idStr":"3578983795474363"},"htmlText":"Woodie out of woods","listText":"Woodie out of woods","text":"Woodie out of woods","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193183469","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ 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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193114253,"gmtCreate":1620775089372,"gmtModify":1704348054845,"author":{"id":"3580551463324218","authorId":"3580551463324218","name":"Stevenoh","avatar":"https://static.tigerbbs.com/2864e71b7de77c92cd605a0a430bc5f1","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3580551463324218","idStr":"3580551463324218"},"htmlText":"Up and down and up","listText":"Up and down and up","text":"Up and down and up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193114253","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296298,"gmtCreate":1620775611493,"gmtModify":1680788200817,"authorId":3568776369893575,"author":{"id":3568776369893575,"idStr":"3568776369893575","authorId":3568776369893575,"name":"MingXuan","avatar":"https://static.tigerbbs.com/b6843a33a5048452e1f1380ec02671e9","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.76%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193114253,"type":1,"supId":0,"prevId":0,"content":"<u>hi</u>","text":"<u>hi</u>","html":"<u>hi</u>"}],"langContent":"EN"},{"id":193111897,"gmtCreate":1620774722119,"gmtModify":1704348050638,"author":{"id":"3581998173257990","authorId":"3581998173257990","name":"kyawkh","avatar":"https://static.tigerbbs.com/b6819d2405688957eac033bb43e588a5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3581998173257990","idStr":"3581998173257990"},"htmlText":"Umm","listText":"Umm","text":"Umm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193111897","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ 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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193113780,"gmtCreate":1620774711240,"gmtModify":1704348047728,"author":{"id":"3571305152732730","authorId":"3571305152732730","name":"Atwosome","avatar":"https://static.tigerbbs.com/2085a92415ef32924f70d916d490adce","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"3571305152732730","idStr":"3571305152732730"},"htmlText":"Two things were behind the QQQ crash - ARKK's vicious circle and CTA Deleveraging.","listText":"Two things were behind the QQQ crash - ARKK's vicious circle and CTA Deleveraging.","text":"Two things were behind the QQQ crash - ARKK's vicious circle and CTA Deleveraging.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193113780","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193138880,"gmtCreate":1620774313940,"gmtModify":1704348037024,"author":{"id":"3572397521268164","authorId":"3572397521268164","name":"JayTan","avatar":"https://static.tigerbbs.com/2df5c1d990871ccbfc0f26d4948532db","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3572397521268164","idStr":"3572397521268164"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/193138880","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296137,"gmtCreate":1620774961107,"gmtModify":1680788202725,"authorId":3567682378937076,"author":{"id":3567682378937076,"idStr":"3567682378937076","authorId":3567682378937076,"name":"MRMR","avatar":"https://static.tigerbbs.com/63b03b65cf15e03c531d0e1a8de459f1","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.26%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193138880,"type":1,"supId":0,"prevId":0,"content":"Ok<br>","text":"Ok<br>","html":"Ok<br>"},{"id":4296006,"gmtCreate":1620774459952,"gmtModify":1680788194090,"authorId":3572397521268164,"author":{"id":3572397521268164,"idStr":"3572397521268164","authorId":3572397521268164,"name":"JayTan","avatar":"https://static.tigerbbs.com/2df5c1d990871ccbfc0f26d4948532db","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193138880,"type":1,"supId":4295977,"prevId":0,"content":"Thks","text":"Thks","html":"Thks"},{"id":4295977,"gmtCreate":1620774384414,"gmtModify":1680788191761,"authorId":3575343781681994,"author":{"id":3575343781681994,"idStr":"3575343781681994","authorId":3575343781681994,"name":"White Cat","avatar":"https://community-static.tradeup.com/news/06d363ddd2da6266ae05f61b5862984a","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193138880,"type":1,"supId":0,"prevId":0,"content":"please like and comment","text":"please like and comment","html":"please like and comment"}],"langContent":"EN"},{"id":193195493,"gmtCreate":1620773879612,"gmtModify":1704348028187,"author":{"id":"3574244375315958","authorId":"3574244375315958","name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3574244375315958","idStr":"3574244375315958"},"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/193195493","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4302338,"gmtCreate":1620813626454,"gmtModify":1680788314502,"authorId":3575343781681994,"author":{"id":3575343781681994,"idStr":"3575343781681994","authorId":3575343781681994,"name":"White Cat","avatar":"https://community-static.tradeup.com/news/06d363ddd2da6266ae05f61b5862984a","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":3574244375315958,"repliedAuthor":{"id":3574244375315958,"idStr":"3574244375315958","authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.18","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":193195493,"type":1,"supId":4295980,"prevId":4298402,"content":"<u>ty</u>","text":"<u>ty</u>","html":"<u>ty</u>"},{"id":4298402,"gmtCreate":1620782882623,"gmtModify":1680788235278,"authorId":3574244375315958,"author":{"id":3574244375315958,"idStr":"3574244375315958","authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.18","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193195493,"type":1,"supId":4295980,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"},{"id":4298407,"gmtCreate":1620782891500,"gmtModify":1680788235262,"authorId":3574244375315958,"author":{"id":3574244375315958,"idStr":"3574244375315958","authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.18","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193195493,"type":1,"supId":4295919,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4295859,"gmtCreate":1620773941464,"gmtModify":1680788195742,"authorId":3578111596572453,"author":{"id":3578111596572453,"idStr":"3578111596572453","authorId":3578111596572453,"name":"grrrr_nt","avatar":"https://static.tigerbbs.com/6a2c25086cfc9041f98ee91fb15859a4","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193195493,"type":1,"supId":0,"prevId":0,"content":"done. pls reply to this comment!","text":"done. pls reply to this comment!","html":"done. pls reply to this comment!"},{"id":4295865,"gmtCreate":1620773961671,"gmtModify":1680788195692,"authorId":3574244375315958,"author":{"id":3574244375315958,"idStr":"3574244375315958","authorId":3574244375315958,"name":"Jassss","avatar":"https://static.tigerbbs.com/a1a74261bc0d795b37c8c963ee5393f0","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.18","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193195493,"type":1,"supId":4295859,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"}],"langContent":"EN"},{"id":193105072,"gmtCreate":1620773240296,"gmtModify":1704348015991,"author":{"id":"3576990637797737","authorId":"3576990637797737","name":"1Man2Stonks","avatar":"https://static.tigerbbs.com/2c93182b4ac6670e37860fa9cbdfd2d4","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3576990637797737","idStr":"3576990637797737"},"htmlText":"Nice wood","listText":"Nice wood","text":"Nice wood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193105072","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":193374630,"gmtCreate":1620772688520,"gmtModify":1704348002144,"author":{"id":"3559787818034959","authorId":"3559787818034959","name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3559787818034959","idStr":"3559787818034959"},"htmlText":"Stay calm&nbsp;","listText":"Stay calm&nbsp;","text":"Stay calm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/193374630","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4299484,"gmtCreate":1620788916935,"gmtModify":1680788262966,"authorId":3559787818034959,"author":{"id":3559787818034959,"idStr":"3559787818034959","authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193374630,"type":1,"supId":4295665,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":4299485,"gmtCreate":1620788926287,"gmtModify":1680788257682,"authorId":3559787818034959,"author":{"id":3559787818034959,"idStr":"3559787818034959","authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193374630,"type":1,"supId":4295628,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":4295665,"gmtCreate":1620772941458,"gmtModify":1680788193189,"authorId":3574151642706297,"author":{"id":3574151642706297,"idStr":"3574151642706297","authorId":3574151642706297,"name":"Derrick0359","avatar":"https://static.tigerbbs.com/1e4377b13ebe2fd65f630bf249fd6624","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193374630,"type":1,"supId":0,"prevId":0,"content":"[Cool][Cool]","text":"[Cool][Cool]","html":"[Cool][Cool]"},{"id":4295628,"gmtCreate":1620772759792,"gmtModify":1680788189994,"authorId":3577965120664925,"author":{"id":3577965120664925,"idStr":"3577965120664925","authorId":3577965120664925,"name":"SR050321","avatar":"https://community-static.tradeup.com/news/7a02781de36c0ac0f4851adb1cee54ff","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-1","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Debut Tiger","description":"Join the tiger community for 500 days","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.18","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193374630,"type":1,"supId":0,"prevId":0,"content":"Yeah ","text":"Yeah ","html":"Yeah "}],"langContent":"EN"},{"id":193344875,"gmtCreate":1620772019497,"gmtModify":1704347989065,"author":{"id":"3574026189533561","authorId":"3574026189533561","name":"K74","avatar":"https://community-static.tradeup.com/news/0915c1dbb625a1fab842a01a98e9f31a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3574026189533561","idStr":"3574026189533561"},"htmlText":"Well read","listText":"Well read","text":"Well read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193344875","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ 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.h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295605,"gmtCreate":1620772699450,"gmtModify":1680788190818,"authorId":3559787818034959,"author":{"id":3559787818034959,"idStr":"3559787818034959","authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193344875,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"},{"id":193348232,"gmtCreate":1620771686826,"gmtModify":1704347983949,"author":{"id":"3580469278772937","authorId":"3580469278772937","name":"HoldTheDoor","avatar":"https://static.tigerbbs.com/635db0f1af7cd6ef4ce184b75309a7b0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3580469278772937","idStr":"3580469278772937"},"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/193348232","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295830,"gmtCreate":1620773781940,"gmtModify":1680788191950,"authorId":3576990193651421,"author":{"id":3576990193651421,"idStr":"3576990193651421","authorId":3576990193651421,"name":"KFChen","avatar":"https://static.tigerbbs.com/6830fa3fe8a82d29953fbb2e6153801e","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193348232,"type":1,"supId":4295457,"prevId":0,"content":"Like n comment pls","text":"Like n comment pls","html":"Like n comment pls"},{"id":4295457,"gmtCreate":1620771742578,"gmtModify":1680788180876,"authorId":3574929829220175,"author":{"id":3574929829220175,"idStr":"3574929829220175","authorId":3574929829220175,"name":"nicholastsj","avatar":"https://static.tigerbbs.com/d43d1a543e192369160adfc42ef5e783","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193348232,"type":1,"supId":0,"prevId":0,"content":"please reply to comment","text":"please reply to comment","html":"please reply to comment"}],"langContent":"EN"},{"id":193343312,"gmtCreate":1620771550036,"gmtModify":1704347980654,"author":{"id":"3577235917796406","authorId":"3577235917796406","name":"CherylNg","avatar":"https://static.tigerbbs.com/aad1b16bd20201f59eb61ea7b053a21e","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3577235917796406","idStr":"3577235917796406"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193343312","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4296531,"gmtCreate":1620776614089,"gmtModify":1680788204250,"authorId":3579598681489240,"author":{"id":3579598681489240,"idStr":"3579598681489240","authorId":3579598681489240,"name":"newbe1001","avatar":"https://static.tigerbbs.com/4766ee30ada4a9df74dddcb9ae1d7131","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193343312,"type":1,"supId":0,"prevId":0,"content":"ooh","text":"ooh","html":"ooh"}],"langContent":"EN"},{"id":193357872,"gmtCreate":1620771391696,"gmtModify":1704347978012,"author":{"id":"3566888623365652","authorId":"3566888623365652","name":"seejy","avatar":"https://static.tigerbbs.com/6da6b43e152c674c5cce9536c5613129","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3566888623365652","idStr":"3566888623365652"},"htmlText":"[呆住]&nbsp;[呆住]&nbsp;[呆住]&nbsp;","listText":"[呆住]&nbsp;[呆住]&nbsp;[呆住]&nbsp;","text":"[呆住] [呆住] [呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193357872","repostId":1138008630,"repostType":4,"repost":{"id":"1138008630","pubTimestamp":1620745704,"share":"https://ttm.financial/m/news/1138008630?lang=&edition=fundamental","pubTime":"2021-05-11 23:08","market":"us","language":"en","title":"ARKK Gamma & What's Really Behind The QQQrash?","url":"https://stock-news.laohu8.com/highlight/detail?id=1138008630","media":"zerohedge","summary":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots ","content":"<p>Nomura's “futures imbalance” monitor showed<b>enormous sell pressure all day in NQ futs</b>across all lots sizes (the largest in at least 1m), but<b>particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...</b></p>\n<p><img src=\"https://static.tigerbbs.com/3b11c4266aecb4fc29b97f106da799c5\" tg-width=\"1248\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Two things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.</p>\n<p>Nomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutely<b>torched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.</b></p>\n<p>Critically, he explains,<b>the ETF itself now acting “shadow leverage” pressuring this selloff,</b>especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.</p>\n<p>Along with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c3eb7d728c70027833b43afaaa862ecc\" tg-width=\"716\" tg-height=\"383\"></p>\n<p>But that is not the only driver of the chaos as<b>the Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down move</b>after the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.</p>\n<p><b>And that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQs</b>we highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).</p>\n<p><img src=\"https://static.tigerbbs.com/152632ec316a19852871d7bb0082d743\" tg-width=\"992\" tg-height=\"611\"></p>\n<p>And Small Caps suffered the same as<b>IWM options too showing Dealers DEEP “short Gamma vs spot”</b>still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.</p>\n<p><img src=\"https://static.tigerbbs.com/471db617d1ea1d81df7cfc6d0ec0280f\" tg-width=\"977\" tg-height=\"604\"></p>\n<p>The question - amid this morning's panic-bid in IWM and QQQ - is it over?</p>\n<p><img src=\"https://static.tigerbbs.com/d6eaed5fb984ef5034fce79dc93442c5\" tg-width=\"1280\" tg-height=\"808\"></p>\n<p>We suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.</p>\n<p><b>The dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.</b></p>\n<p><img src=\"https://static.tigerbbs.com/fc561407c4bc89a8f4ffe08e23f292ba\" tg-width=\"640\" tg-height=\"480\"></p>\n<p>As SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK Gamma & What's Really Behind The QQQrash?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARKK Gamma & What's Really Behind The QQQrash?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/arkk-gamma-whats-really-behind-qqqrash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138008630","content_text":"Nomura's “futures imbalance” monitor showedenormous sell pressure all day in NQ futsacross all lots sizes (the largest in at least 1m), butparticularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting...\nTwo things were behind the QQQcrash - ARKK's vicious circle and CTA Deleveraging.\nNomura's Charlie McElligott warns that the monstrous ~$20B ARKK active ETF is getting absolutelytorched in recent weeks amid a negative feedback loop from the mega-high growth / high multiple / “unprofitable” single-names.\nCritically, he explains,the ETF itself now acting “shadow leverage” pressuring this selloff,especially with their dubious risk management practice of heavily concentrated positioning into what are extraordinarily illiquid names.\nAlong with the inherently-extreme interest rate sensitivity within these hyper-growth / high-valuation names, this has made ARKK a popular downside play / hedge in the options space, with Dealers essentially max “short Gamma” near this current $98-100 level, while net Delta across options is ~ $-2B and essentially the low net Delta reading since start 2020.\n\nBut that is not the only driver of the chaos asthe Nomura QIS CTA Trend model showed massive deleveraging in Nasdaq yesterday into the down moveafter the 3m window “sell trigger” was breached and flipped “short” (now joining the 2w and 1m windows as “short,” although neither of those has any signal loading), which overall turned the multi-year legacy “+100% Long” signal across all horizons down to just “+4.1% Long,” and implying ~$10.7B of notional selling in NQ futs in the deleveraging.\nAnd that was exaggerated from a “flows” perspective by the previously warned-about deep Dealer “short Gamma vs spot” in QQQswe highlighted in recent notes as the center of Equities risk, which meant “accelerant” (delta hedging) flows into the selloff, with a now extremely negative $Gamma reading -$673mm (1.5%ile), while net Delta exploded lower to -$20B (1.6%ile).\n\nAnd Small Caps suffered the same asIWM options too showing Dealers DEEP “short Gamma vs spot”still (flips way up at 226.68) and overall $Gamma -206mm (18%ile), while $Delta is -$8.9B (9.3%ile) and negative until 227.34.\n\nThe question - amid this morning's panic-bid in IWM and QQQ - is it over?\n\nWe suspect no, as that ARKK Gamma vicious circle doesn't appear to be disappearing anytime soon.\nThe dramatic rebound this morning is explained by just how much more “skew” there is in the QQQ model.\n\nAs SpotGamma explains,this supports that view of much larger volatility, both in dealers selling as Nasdaq moves lower and buying if Nasdaq rises.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4295612,"gmtCreate":1620772718836,"gmtModify":1680788190472,"authorId":3559787818034959,"author":{"id":3559787818034959,"idStr":"3559787818034959","authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":193357872,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":219,"commentSize":40,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}