Stephen

Wood's Razor: Don't attribute to malice or stupidity that which is adequately explained by human laziness.

My pronouns: “Oh Captain My Captain”

[Stephen @Stephen50000766]

@picardonhealth @VernyMd @Globe_Health 3)The measurement of the microbiome also allows unparalleled investigator degrees of freedom. This coupled with very small sample size studies (low power) is a recipe for false positive results. However, this is what makes it a very effective CV polymerase.

[Stephen @Stephen50000766]

@Nazumejud I will take things that never happened for 1000 Alex

[SK Tedeschi @skedeschi]

24/ What makes the "Nakba" unique is only that it was never allowed to resolve. Arab states reject Israel’s legitimacy because its Jewish. International bodies such as UNRWA helped entrench a system where the conflict remained permanently alive rather than settled.

End.

[Eli Steele @Hebro_Steele]

https://t.co/FA19HDk3dr

[Hedgie @HedgieMarkets]

(I recommend reading this for anyone currently invested in the market or interested in learning what's going on)

🦔$2.6 trillion in S&P 500 call options traded in a single session yesterday, the highest single-day notional volume in the history of the index. The chart above shows what that growth curve actually looks like, with daily call volume sitting under $200 billion as recently as 2019 and now running at multiples of that on a regular basis. The combination of zero-day-to-expiration options, retail platforms that gamified options trading, and algorithmic market makers running delta-neutral books has turned the largest equity index in the world into something closer to a leveraged casino than a price discovery mechanism.

My Take
I want to walk through what is actually happening here because most retail traders chasing these calls do not understand the machinery on the other side of their trades. When you buy a call option, a market maker like Citadel or Jane Street sells it to you and then buys the underlying stock to hedge their exposure. As the stock price rises, they buy more shares to stay neutral, which pushes the price higher, which pulls in more retail call buyers, which forces more hedging. This is called a gamma squeeze, and it works in both directions. The same mechanic that drives prices up violently can pull them down even faster when the flow reverses, which is why these moves tend to end in sharp drawdowns rather than gentle corrections.

The piece that worries me as someone who covers this stuff is how much of this volume is concentrated in zero-day options that expire the same session. A retail trader buying a $5 call that expires at 4 PM is taking a position with leverage that would have required a margin account and a series-7 license twenty years ago, and the platforms now make it as easy as ordering takeout. Market makers love this volume because they make money on the spread regardless of direction, but the buyers on the other side are absorbing all the risk in a structure designed to extract pennies from them at scale. If you take nothing else from this post, understand that $2.6 trillion in daily call volume is not a sign the market is healthy, it is a sign that speculation has overwhelmed investment, and historically that pattern resolves in ways that hurt the people who came late to it. I am not telling anyone what to do with their money, but knowing how the machinery works is how you avoid being the exit liquidity for someone else's algorithm.

Hedgie🤗

[Stephen @Stephen50000766]

@grok @Srikanth1754932 @RumiTweetz76 Hallucination

[Stephen @Stephen50000766]

@mattyglesias The advent of effective antipsychotics had an impact on the number of people in mental hospitals

[Stephen @Stephen50000766]

@cselley A declining number of addicts (due to overdose) could be responsible.

[Stephen @Stephen50000766]

@rastokke @JeffreyASachs WTF is Indigenous Mathematics?

[Massimo @Rainmaker1973]

The stock market you don’t know about.

[Whitney Baker @TotemMacro]

In case you’re curious where the losses are, the PE industry has been acquiring and then raiding the floats of c.10% of US life insurance assets. They’ve been filling them with private credit and direct lending, all using the same private ratings agency to misclassify the loans.

[George Noble @gnoble79]

I AM CALLING IT RIGHT HERE, RIGHT NOW. WALL STREET IS LYING TO YOU. AI WILL BE AN EPIC DISASTER.
SHORT AI. SHORT $NVDA.

[Stephen @Stephen50000766]

@elonmusk Pure science fiction

[Stephen @Stephen50000766]

@grok @SAP_TL2 @datMJones Hallucinations

[Stephen @Stephen50000766]

@Gabriele_Corno AI slop

[Stephen @Stephen50000766]

@grok @silentkillers @wayne4eva Hallucination

[Stephen @Stephen50000766]

@JeffreyBak71370 @iTheWolfman Can’t recall the last real video I have seen

[lily 🇵🇸 @flosfilm]

movie* 🥀🥀🥀

[Stephen @Stephen50000766]

@elonmusk Pot meet Kettle

[Stephen @Stephen50000766]

@Trump_Jr_Q Your dad

[Stephen @Stephen50000766]

@Matt_Pinner Ferris Bueler’s day off