Consensus Reversal Gamma Dollar Crack Spreads

This report outlines a violent unwind in momentum-based equities and examines the shifting macro landscape regarding oil supply, fiscal-led rate pressure, and AI developments.

Key Takeaways

• 1.The market is undergoing a violent unwind of momentum trades, particularly in High Beta TMT stocks.
• 2.Crude oil upside is likely capped despite geopolitical tensions, as the US incentivizes flows before midterms.
• 3.Longer-dated rates are being driven primarily by fiscal policy rather than central bank guidance.

Table of Contents

• Markets
• Momentum
• AI
• Oil
• Rates
• Risk

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