Nomura's McElligott Reveals The Trigger That Breaks The Market's "Self-Referential Meltup Feedback Loop"

Over the past week we have highlighted several telltale signs of what has now become one of the most powerful ever gamma squeezes across the broader market, starting with the record volume of S&P calls, a mindblowing $2.6 trillion, purchased last week...

Entire market is now one giant gamma squeeze: S&P traded $2.6 trillion notional of calls yesterday, all time high pic.twitter.com/J9HtEoOuCH

— zerohedge (@zerohedge) May 7, 2026