<h3><strong><a href="https://themarketear.com/posts/cMBpWmYZv6">Rates revival</a></strong></h3><p>Massive move higher in rates. Note we are above the 100 and the 200 day again...</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd62e6b4f-0514-47cd-9eb9-435e3ccfcb7d_1399x713.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cMBpWmYZv6" rel="noopener noreferrer" target="_blank">Rates revival</a>" class="sizing-normal" height="713" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd62e6b4f-0514-47cd-9eb9-435e3ccfcb7d_1399x713.png" title="<a href="https://themarketear.com/posts/cMBpWmYZv6" rel="noopener noreferrer" target="_blank">Rates revival</a>" width="1399" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cc_QltwpMX">NASDAQ vs rates</a></strong></h3><p>The gap between NASDAQ and the US 10 year (inverted) is getting very wide.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3f5af784-7209-4b87-8d67-8c82f093aac5_1256x588.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cc_QltwpMX" rel="noopener noreferrer" target="_blank">NASDAQ vs rates</a>" class="sizing-normal" height="588" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3f5af784-7209-4b87-8d67-8c82f093aac5_1256x588.png" title="<a href="https://themarketear.com/posts/cc_QltwpMX" rel="noopener noreferrer" target="_blank">NASDAQ vs rates</a>" width="1256" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/c2fvCoNoCg">Precious puke</a></strong></h3><p>Gold's down candle is massive. The shiny metal is crushing the 50 day. A close below $2300 and this risks accelerating to the downside. 100 day down at $2200.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca03d8d7-78fa-4657-b41a-3ee486e3a56a_1270x889.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/c2fvCoNoCg" rel="noopener noreferrer" target="_blank">Precious puke</a>" class="sizing-normal" height="889" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca03d8d7-78fa-4657-b41a-3ee486e3a56a_1270x889.png" title="<a href="https://themarketear.com/posts/c2fvCoNoCg" rel="noopener noreferrer" target="_blank">Precious puke</a>" width="1270" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cuZ0n5l7_M">Gold and rates</a></strong></h3><p>Gold has actually been sensitive to bigger moves higher in the 10 year over the past months.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1a839a24-7921-4f13-aa62-0506662b067a_1042x676.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cuZ0n5l7_M" rel="noopener noreferrer" target="_blank">Gold and rates</a>" class="sizing-normal" height="676" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1a839a24-7921-4f13-aa62-0506662b067a_1042x676.png" title="<a href="https://themarketear.com/posts/cuZ0n5l7_M" rel="noopener noreferrer" target="_blank">Gold and rates</a>" width="1042" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong>and the longer term</strong></h3><p>A snapshot of the longer term gap between gold and the US 10 year (inverted).</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb5eada9e-a445-40f5-9e94-e1d2384ff65d_1344x867.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="and the longer term" class="sizing-normal" height="867" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb5eada9e-a445-40f5-9e94-e1d2384ff65d_1344x867.png" title="and the longer term" width="1344" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cx-KKx8htE">Copper puking</a></strong></h3><p>We outlined our copper correction view a few weeks ago (<a href="https://themarketear.com/newsletters/d05d6a974549c0bd98231d1d280f1c84">here</a>). The metal has imploded since then and is crushing the 50 day today. We are approaching some support levels, but we wouldn't be surprised to see the "copper bubble" implode further and reach the 100 day.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faf3ca087-b63a-4b9c-a309-0dfeccd6925f_1303x882.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cx-KKx8htE" rel="noopener noreferrer" target="_blank">Copper puking</a>" class="sizing-normal" height="882" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faf3ca087-b63a-4b9c-a309-0dfeccd6925f_1303x882.png" title="<a href="https://themarketear.com/posts/cx-KKx8htE" rel="noopener noreferrer" target="_blank">Copper puking</a>" width="1303" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cNSWWwyXpg">CTAs forced sellers</a></strong></h3><p>CTAs pushed momentum during the melt up in metals. This has now become a must sell position. We outlined the big downside convexity on Tuesday. Just a gentle reminder chart.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe69955c8-aaf6-4f36-b9d7-633af212387f_960x388.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cNSWWwyXpg" rel="noopener noreferrer" target="_blank">CTAs forced sellers</a>" class="sizing-normal" height="388" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe69955c8-aaf6-4f36-b9d7-633af212387f_960x388.png" title="<a href="https://themarketear.com/posts/cNSWWwyXpg" rel="noopener noreferrer" target="_blank">CTAs forced sellers</a>" width="960" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cRsxoT33cE">Bitcoin - mean reversion mania</a></strong></h3><p>Bitcoin's great range continues to hold. Pushing momentum breakouts continues to be a costly strategy.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d321152-42ef-4d92-93c9-9ccc3cfaecda_1308x874.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cRsxoT33cE" rel="noopener noreferrer" target="_blank">Bitcoin - mean reversion mania</a>" class="sizing-normal" height="874" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4d321152-42ef-4d92-93c9-9ccc3cfaecda_1308x874.png" title="<a href="https://themarketear.com/posts/cRsxoT33cE" rel="noopener noreferrer" target="_blank">Bitcoin - mean reversion mania</a>" width="1308" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cFOHUav9gF">The gap</a></strong></h3><p>SPX vs Fed reserves gap just got even wider....</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F740e4972-67dd-4b3a-8c13-b45a3e0edc6c_1344x882.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cFOHUav9gF" rel="noopener noreferrer" target="_blank">The gap</a>" class="sizing-normal" height="882" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F740e4972-67dd-4b3a-8c13-b45a3e0edc6c_1344x882.png" title="<a href="https://themarketear.com/posts/cFOHUav9gF" rel="noopener noreferrer" target="_blank">The gap</a>" width="1344" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: Refinitiv</figcaption></figure></div><h3><strong><a href="https://themarketear.com/posts/cR94MIBxAy">Size long gamma</a></strong></h3><p>Dealers are running the second biggest long gamma ever, suppressing volatilities. Goldman's trader Garrett writes: "with ~$9.5 billion of gamma to trade per 100bps; dealers have to sell 35,000 eminis on a 1% rally, and buy 35,000 eminis on a 1% sell off". 5350 is basically a massive pin strike that will suppress moves around it. Options related risks change with time, so the increase in gamma, isn't necessarily only driven by recent flow by end customers. One thing is sure, the delta flow from dealers is "real" flow that will be hedged in the market. For the 1 minute explanation on gamma, see <a href="https://themarketear.com/posts/c_oX9p0OSQ">here</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe5432c6b-be0c-4580-85ea-c302c73882a8_537x388.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="<a href="https://themarketear.com/posts/cR94MIBxAy" rel="noopener noreferrer" target="_blank">Size long gamma</a>" class="sizing-normal" height="388" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe5432c6b-be0c-4580-85ea-c302c73882a8_537x388.png" title="<a href="https://themarketear.com/posts/cR94MIBxAy" rel="noopener noreferrer" target="_blank">Size long gamma</a>" width="537" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><div class="pencraft pc-reset icon-container restack-image"><svg class="lucide lucide-refresh-cw" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><path d="M3 12a9 9 0 0 1 9-9 9.75 9.75 0 0 1 6.74 2.74L21 8"></path><path d="M21 3v5h-5"></path><path d="M21 12a9 9 0 0 1-9 9 9.75 9.75 0 0 1-6.74-2.74L3 16"></path><path d="M8 16H3v5"></path></svg></div><div class="pencraft pc-reset icon-container view-image"><svg class="lucide lucide-maximize2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></div></div></div></div></a><figcaption class="image-caption">Source: GS</figcaption></figure></div>