SPX Gamma Wrap
The AM assessment proved to be spot on, as the markets were able to stabilize in a volatile trading session and the SPX closed up 0.6 percent in the green.
Driving factors behind the move higher were declining yields at the long end of the curve (US10Y -8bps), due to decline oil prices as a function of the lockdown situation in China.
Growth stocks consequently climbed 1.1 percent higher, while the value complex underperformed with a gain of only 0.2 percent.
Dealer gamma increased by 84MM to -808MM, as the SPX was able to launch a 100 point rebound based of 4200 points, fueled buybacks from market makers, who were forced to unwind some delta hedges.
Tomorrow will be quite a busy day and investors will receive the Conference Board's Consumer Confidence Index for April, New Home Sales for March, Durable Goods Orders for March, the FHFA Housing Price Index for February, and the S&P Case-Shiller Home Price Index for February.
A decisive factor over the next couple days will also be the outcome of the announced mass testing in Beijing, as an increasing case count could further dampen the growth prospects of the region, while adding inflationary pressures on the other side of the Pacific.
Driving factors behind the move higher were declining yields at the long end of the curve (US10Y -8bps), due to decline oil prices as a function of the lockdown situation in China.
Growth stocks consequently climbed 1.1 percent higher, while the value complex underperformed with a gain of only 0.2 percent.
Dealer gamma increased by 84MM to -808MM, as the SPX was able to launch a 100 point rebound based of 4200 points, fueled buybacks from market makers, who were forced to unwind some delta hedges.
Tomorrow will be quite a busy day and investors will receive the Conference Board's Consumer Confidence Index for April, New Home Sales for March, Durable Goods Orders for March, the FHFA Housing Price Index for February, and the S&P Case-Shiller Home Price Index for February.
A decisive factor over the next couple days will also be the outcome of the announced mass testing in Beijing, as an increasing case count could further dampen the growth prospects of the region, while adding inflationary pressures on the other side of the Pacific.
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