The Cascade Runs Ahead of the Flip

Part 9 added the gamma flip: vol spikes, dealer books turn from short to long gamma, and the selling spiral is truncated. That's half the story. The uncomfortable other half: the flip is not instant, and while it converges, leveraged accounts are being force-liquidated on their own schedule. This article is the race — V9-P6 puts margin cascades... Weiterlesen