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SPY (755.11) opens in negative gamma, and the map has no flip. The whole chain nets −$1,824M, and the strikes around price are the heaviest negatives on the board: 756 (−$721M), 755 (−$285M), 753 (−$210M), 750 (−$188M) and 757 (−$129M). 750 through 757 alone nets −$1,724M. When dealers are short gamma, their hedging tends to add to moves rather than absorb them.
756 is the level to watch. At −$721M it's the largest strike on the map, and it sits 0.89 above spot, with max pain one strike higher at 757. The positive side doesn't begin until 759 (+$36M); from 759 to 770 the map nets +$464M, and the call wall is 765 (+$87M), 1.3% above spot and just past the top of the expected move (761.36).
The structure flipped overnight. Wednesday's open showed a +$2,821M chain, a 753.80 flip, a 755 call wall and a 747 put wall. Today the chain is −$1,824M, there is no flip, and the walls are 765 and 756. Implied vol (ATM) is 22, up from 16, and the expected move widened from ±0.6% to ±0.8% (±$6.25). The feed carries only the 0DTE chain (250 contracts), so open interest further out is not in these numbers.
Net gamma by strike near spot: 738 −$7M, 739 −$13M, 740 −$23M, 741 −$6M, 742 −$15M, 743 −$30M, 744 −$109M, 745 −$49M, 746 −$25M, 747 −$86M, 748 −$79M, 749 −$80M, 750 −$188M, 751 −$64M, 752 −$91M, 753 −$210M, 754 −$35M, 755 −$285M, 756 −$721M, 757 −$129M, 758 −$36M, 759 +$36M, 760 +$2M, 761 +$84M, 762 +$7M, 763 +$74M, 764 +$48M, 765 +$87M, 766 +$35M, 767 +$33M, 768 +$21M, 769 +$14M, 770 +$25M. The chain has 64 negative strikes summing to −$2,337M, against +$514M on the positive side.
Flip · Call wall · flip and status pulled live per ticker, not estimated. Four of the eight have no flip at all — NVDA, MSTR, PDD and IREN, three of them quoted down 6.7% to 7.8%. AAPL (0.4%), LEN (1.1%) and CART (2.2%) sit just above their flips; CSCO is 8.4% under. The feed holds 22 live prints totalling $1.22M (two MU prints that expired Wednesday are excluded), and the largest is AAPL's $287K call. These eight names account for 14 of them and $1.08M, $580K calls and $496K puts.
| Ticker | Spot | Flip | Call Wall | Status | Today's flow |
|---|---|---|---|---|---|
| NVDA | 160.50 | — | 175 | NO FLIP | Five prints for $486,633, $425,871 of it puts: a $175P January 15, 2027 for $252,070 (9.0% in the money) and a $165P January 15, 2027 for $149,490 (2.8% in), plus a $150P 11/20 for $24,311 (6.5% out). Calls: a $180C 11/16 for $40,624 and a $177.5C 11/13 for $20,138, both 10%+ out. NVDA is quoted down 7.7% at 160.50 with no reliable flip (Wednesday it was 175.15, just above a 174.47 flip); the 160 put wall sits 0.3% under spot and the 175 call wall is 9.0% overhead. Chain gamma is −$111M; implied vol is 98. |
| AAPL | 356.87 | 355.58 | 355 | ABOVE FLIP | One call print: a $410C January 15, 2027 for $286,814, the largest print in the feed, 14.9% out of the money. AAPL is quoted up 0.3% at 356.87, 0.4% above its 355.58 flip, sitting just over its 355 call wall (0.5% below spot); the 352.5 put wall is 1.2% below. Chain gamma is +$288M. |
| CART | 58.70 | 57.45 | 60 | ABOVE FLIP | One call print: a $60C January 15, 2027 for $100,000, 2.2% out of the money and struck on CART's own 60 call wall. CART is at 58.70 (quoted −0.3%), 2.2% above its 57.45 flip; the 55 put wall is 6.3% below. Chain gamma is +$13M. |
| MSTR | 114.14 | — | 123 | NO FLIP | Two call prints for $56,885: a $140C 11/20 for $28,800 (22.7% out) and a $128C 11/13 for $28,085 (12.1% out). MSTR is quoted down 6.7% at 114.14 with no reliable flip. Its walls are inverted on this read: the 123 call wall is 7.8% overhead and the 115 put wall sits 0.8% above spot. Chain gamma is −$32M; implied vol is 307. |
| LEN | 87.18 | 86.19 | 87 | ABOVE FLIP | Two call prints for $42,999, both $100C January 15, 2027 ($21,500 and $21,499), 14.7% out of the money. LEN is quoted up 1.0% at 87.18, 1.1% above its 86.19 flip and sitting on its 87 call wall (0.2% under spot); the 80 put wall is 8.2% below. Chain gamma is +$5M. |
| PDD | 78.00 | — | 85 | NO FLIP | One put print: a $78P 11/20 for $40,074, struck at the money. PDD is quoted down 1.4% at 78.00 with no reliable flip. Its walls are inverted on this read: the 85 call wall is 9.0% overhead and the 80 put wall sits 2.6% above spot. Chain gamma is −$10M. |
| CSCO | 99.90 | 109.09 | 108 | BELOW FLIP | One call print: a $110C December 18 for $32,607, 10.1% out of the money. CSCO is quoted down 0.9% at 99.90, 8.4% under its 109.09 flip, with the 108 call wall 8.1% overhead and the 100 put wall right on spot. Chain gamma is +$5M; implied vol on the 11/13 expiry is 199. |
| IREN | 19.25 | — | 21 | NO FLIP | One put print: a $14P January 15, 2027 for $29,637, 27.3% out of the money. IREN is quoted down 7.8% at 19.25 (Wednesday it was quoted up 7.7% at 21.25), with no reliable flip. Its walls are inverted on this read: the 21 call wall is 9.1% overhead and the 20 put wall sits 3.9% above spot. Chain gamma is −$6M. |
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