From Charlie McElligott: "Absolute scenes….so a few quick and eye-watering visuals I wanted to share on some of this “Fuel” for the ATH’s explosion... Bunches of real (Options) and synthetic (LevETF “buy to rebal” currently tracking as 6th largest ever) -Negative Gamma out there (and a market “forced” to front-run it without enough “Net” on), with Skew absolutely defenestrated on the breakout in Spot, as “Iran Ceasefire v33(?)” and reopening of the Strait turn “chalk” (also stifling Rate Vol undertandable, as Crude reprices sharply lower in a moderately “Dovish” impulse)… And suddenly, Equities “Buyers are Higher”(zerohedge)