We are smack back in the middle of the FOMO chase, momentum panic, negative gamma, "buy all the calls" euphoria of June. "We are seeing massive demand for short-dated index upside this week (primarily S&P and Nasdaq) following drastic de-risking thru July. To underscore that point – yesterday saw SPX 1-month 25delta put/call skew drop by the largest amount since Nov 6th 2024 … the day after Trump won the US election…Notably, today’s move right now is even more dramatic… spot up/ vol up again, plus another huge reset lower in put/call skew." - GS Lee Coppersmith(zerohedge)