Two days after Goldman trader Brian Garrett warned that this week will see a massive Gamma unclenching, with some $6 billion of the dealer Gamma (which Goldman calculated as $7 billion) set to expire, and in doing so triggering a potential bearish shift in sentiment...
... this morning the derivative guru commented on market developments after yesterday's rout and warns that "the rally this am feels technical" adding that "vix SQ has been ignored for ~2y outside of this morning" and lays out some of the latest things the Goldman desk is watching, ominously adding that "as the saying goes, market tops are a process market bottoms are an event."
