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Options
GEX snapshots, weekly OPEX, and books that do not agree on delta.
What Is a Gamma Flip? The HVL Sign Change
The gamma flip is where dealer gamma changes sign. Cos prints it as HVL. Thursday QQQ crossed 739. Regime boundary, not a magnet.
Positive vs Negative Gamma: Why the Sign Matters
Negative gamma means dealers chase and amplify swings. Positive gamma dampens. Thursday vs Friday QQQ shows both regimes on the Cos map.
What Is Gamma Exposure? The Dealer Hedge Behind the Tape
Gamma exposure maps how options dealers may buy or sell as price moves. Why some days stick, why some runaway, and Thursday's $QQQ classroom on the Cos map.
Energy into 66 — why XLE still owns the board
Friday’s sector map capped Energy at 100 while the indexes split grades. The unfinished print sits near 66.17 — and a short weekly wrap is how Cos maps the path without inventing a premium.
Two clocks, one Friday: triple witching and the S&P rebalance
Friday expires three derivative books, and the S&P 500 roster change is still waiting on Monday’s open — the close still grades the Fed path and the Week 2 lock.
Wash to Repair: Week Recap Fri Sep 5–Fri Sep 11
Week 1 Weekly Lock HIT (SPY below 770.19). Thursday Neg Extension under the 710 put wall. Friday regime flip into Positive Extension — repair attempt, not a blank check. CPI core hot; $WTI faded under $100 after Thursday’s Cos stamp. Next: FOMC Tue–Wed Sep 15–16 SEP*; monthly OPEX Fri Sep 18; Week 2 lock ABOVE 764.29 / tap 770.
QQQ Closed 707.64. Nine Handles Under 717 After ISM, JOLTS, and Barr.
Cash close 707.64. Nine handles under 717. GEX snapshot as prices: magnet 700, invalidation 717, box 701.55–713.15. Expired 0DTE is dead. NO TRADE.
QQQ 0DTE: GEX Snapshot Close vs the Midday Card
GEX snapshot 13:01:20 PT paused: spot 716.68, net GEX +68.20M, HVL 716, C1 717. Midday −$222.07M expired. Cash close 716.76 is the close.
The $4.243 Billion Print Was $0. The 10Y Is 4.75 — Tied, Not a New High.
Monday NY Fed printed SRP $0 / $2mm. ON RRP $6.726bn drain. Official 10Y CMT 4.75 — tied Jul 31, not a new high. GEX snapshot 13:01:20 PT paused. Simulated. Not a ticket.
SPY Friday Gamma: +$4.78B Thursday, −$0.93B Friday
Independent EOD book flipped +$4.78B Thursday to −$0.93B Friday. Spot ~769.35. Gamma negative at the close. Cos does not print G-D+.