Cycle Trading

[No-Quarter]

Putting it all together, we can conclude that while CTAs will remain a source of selling pressure this week, it will be far less than entering last week - where the latest hostilities between Iran and Israel helped accelerate the triggering of bearish positions and removed much of the selling overhang - while risk-parity and vol-control may even buy. That said, if we get continued selling that pushes the S&P below the 4855 level that flips dealer gamma from positive to negative, then all bets are off... or at least they are until this coming Friday, when the buyback blackout window ends (according to the latest Goldman buyback tracker, available to pro subs)...

https://archive.is/MzVhT#selection-1135.0-1145.3

https://archive.is/www.zerohedge.com/markets/cta-selling-over-here-latest-goldman-ubs-and-bank-americas-traders