Brent Kochuba Says the Trade That Usually Pins the Market Didn't Show Up

Market analysis centers on current S&P 500 gamma positioning, where a negative gamma environment persists below the 7,600 risk pivot. Volatility remains a primary concern, as the flattening VIX term structure indicates rising market risk rather than a return to stability. While recent call buying in names like QQQ and AMD suggests potential for an oversold bounce, the overall market remains fragile, with hyperscalers like Oracle and Meta serving as key indicators for directional pressure. Trading strategies prioritize defensive positioning, such as utilizing one-day-to-expiration call flies for upside hedges and targeting specific resistance levels like 550 for AMD. Investors should avoid selling puts until market volatility contracts and the S&P 500 successfully reclaims key pivot levels, as current options remain expensive and macro uncertainty persists surrounding upcoming elections and earnings.