$SpaceX(SPCX)$ Market makers were mostly positioned to defend against a sharp, liquidity-driven move higher. With the Day-90 scheduled lock-up release hitting today, unleashing up to 319 million newly tradeable shares into an already tight float, the setup going into options expiration carried real directional pressure. Instead of rolling over on the expected insider dilution or heavy supply, SPCX absorbed it and traded up through the $147.55 to $153 range. When a high-beta name like SPCX refuses to break down into a major supply event, market makers short gamma from OTM call buying or defensive positioning get squeezed hard and have to chase the stock higher to delta-hedge.
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