Today brings the eleventh option expiry of 2024, and as Goldman Sachs trader Brian Garrett notes, despite one of the best Sharpe ratio years in history its been a slog...
This is the largest November expiry in the history of option markets...
implied vols have crashed for good reason,
gamma is [still] paying,
trump trades are taking a breather,
investors (and sales desks) have flipped from cautiously optimistic to full tilt bullish
