Through an options market lens, the following text will add color to some recent market movements.
ARKK Gamma & What’s Really Behind The QQQrash? Nomura Gamma
From ZH: Nomura’s “futures imbalance” monitor showed enormous sell pressure all day in NQ futs across all lots sizes (the largest in at least 1m), but particularly in our medium- and large- lot buckets, proxies for large HFs and Asset Managers aggressively selling / shorting… Two things were behind the QQQcrash – ARKK’s vicious circle and CTA Deleveraging. […]