...Aaaaand We're Back (At All Time Highs)

Update: Shortly after Nomura strategist Charlie McElligott released his trading thoughts below, things went just a little bit kinda turbo in the markets, prompting to the top quant to release an update entitled, rather appropriately, "BONKERS!"

Absolute scenes... so a few quick and eye-watering visuals I wanted to share on some of this “Fuel” for the ATH’s explosion

Bunches of real (Options) and synthetic (LevETF “buy to rebal” currently tracking as 6th $largest ever) -Negative Gamma out there (and a market “forced” to front-run it without enough “Net” on)...

...with Skew absolutely defenestrated on the breakout in Spot...

as “Iran Ceasefire v33(?)” and reopening of the Strait turn “chalk” (also stifling Rate Vol understandable, as Crude reprices sharply lower in a moderately “Dovish” impulse)….

…And suddenly, Equities “Buyers are Higher”