From Charlie McElligott:

"Absolute scenes….so a few quick and eye-watering visuals I wanted to share on some of this “Fuel� for the ATH’s explosion... Bunches of real (Options) and synthetic (LevETF “buy to rebal� currently tracking as 6th $largest ever) -Negative Gamma out there (and a market “forced� to front-run it without enough “Net� on), with Skew absolutely defenestrated on the breakout in Spot, as “Iran Ceasefire v33(?)� and reopening of the Strait turn “chalk� (also stifling Rate Vol undertandable, as Crude reprices sharply lower in a moderately “Dovish� impulse)… And suddenly, Equities “Buyers are Higher�

From Charlie McElligott:

"Absolute scenes….so a few quick and eye-watering visuals I wanted to share on some of this “Fuel� for the ATH’s explosion... Bunches of real (Options) and synthetic (LevETF “buy to rebal� currently tracking as 6th $largest ever) -Negative Gamma out there (and a market “forced� to front-run it without enough “Net� on), with Skew absolutely defenestrated on the breakout in Spot, as “Iran Ceasefire v33(?)� and reopening of the Strait turn “chalk� (also stifling Rate Vol undertandable, as Crude reprices sharply lower in a moderately “Dovish� impulse)… And suddenly, Equities “Buyers are Higher�

Source:https://twitter.com/zerohedge/status/2084690813422858538