0DTE option traders turn aggressive, stock market facing insane volatility 📈📈

With their well-advertised long biases in fixed income vs underweight in equities, hedge fund and professional money managers have been scrambling to add long-call exposures in the SPX over the past few sessions as stocks squeezed higher. The ferocious market rally blew past the areas of max call exposures in a hurry (~4185 on cash SPX), with 0DTE players having flipped to (supposedly) net short gamma since April, thus adding further rally fuel on the way up. Street research now estimates market gamma to be back positive at the current index levels, and we'll also be seeing a decent sized OpEx expiry today which should add to an exciting close to the week. #options