Gamma Moves, Oil Shock, and Fed Pressure (EP. 24)

Joe and Smiddy break down the mechanics behind a recent market rally that had little to do with headlines—and everything to do with dealer positioning. From the JPM collar roll to zero DTE gamma dynamics, they walk through how a single catalyst turned into a much larger move once key levels were breached.

They then zoom out to the bigger picture, discussing rising oil prices, geopolitical tension with Iran, and what it all means for volatility. The conversation also dives into the Fed’s position, the limits of policy, and why the macro backdrop may be more fragile than it appears.

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