Negative Gamma Nation: H2's Opening Rotation Rewires Dealer Positioning
Dealers entered H2 in a net negative gamma regime (-$2.3B GEX) just as retail's record semiconductor call-buying ($1.9B/day, ~75% calls) faces a forced unwind. With Warsh signaling a thinner Fed put and equity financing spreads rising to 138bps over SOFR, the tape's calm VIX is masking real structur