Dealer Gamma Hits Lowest On Record As CTA Sell Threshold Breached, $37BN In Program Selling On Deck

Last Friday, when stocks were trading as if they had come unglued after a record September opex, we warned that market volatility was about to spike after a key market threshold breached: dealer gamma had just turned negative for the first time in weeks...

Why are stocks so extremely jittery today? Here's why pic.twitter.com/gdTGmjCYVI

— zerohedge (@zerohedge) September 22, 2023

...leading to exacerbated market swings as dealers are now forced to chase momentum both up and down.