Charlie McElligott

speaker

507 appearances 2 recordings 1 series first heard Mar 2025 last heard Jul 2025

Charlie McElligott’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

Odd Lots · Lots More With Charlie McElligott on the Sharp, Strange Selloff · 21 Mar 2025 podcast

I think in the past there was a lot of um false narrative because people made kind of two core assumptions on dealer positioning before you had the actual exchange tagged data, which now gives you the actuals.

Those two prior assumptions are that dealers are short puts to hedgers and long calls from overriders, these VRP vol sellers that you hear.

So much about these days that create dynamics where the market is trapped in long gamma, right?

Because we're constantly, dealers are constantly getting stuffed from these premium collectors.

Yeah.

But short gamma matters because that's where you get these potential jump-off points where you know blow through level or a dealer is short, a strike, and then you get that prevailing market move is fed into.

Yeah.

Um, so that matters.

So there is two large

Short gamma strikes in the S P index options diaspora for dealers.

And I think it was, I think it was 5,600 and then 5565, a particular level, which is part of this large listed trade in the market that is well socialized out there that at the end of this month.

So not this week's options expiration, but the end of this month, the March quarterly exists and is part of uh something called.

A put spread collar where a a call is sold out of the money to then help finance this put spread in the market.

And that 5565 is a short strike, which means that in this case, it looks like short gamma.

I think the the fact is about that, however, and thus this idea of like, you know.

Yeah.

at this point in the month where it's still a few weeks out from happening, it could in fact

potentially behave as you would think as this acceleration points through it.

Once you did, you kind of bounced around it held three or four times and it kind of cracked through it.

The thing is, is that the market knows that this trade gets rolled

Showing 281–300 of 507 · page 15 of 26