Market Crash Unlikely Until July, Says Volatility Veteran | Noel Smith
Noel Smith, chief investment officer and head of options trading at Convex Asset Management, joins Forward Guidance for a special time-sensitive episode to share an observation from the options markets that he thinks could exert some buying pressure over the next two weeks. Smith notes that, due to a large asset manager putting on a “collar” a while back, options market makers are long lots of gamma at the 3620 level on the S&P 500, and thus will be forced buyers on the way down as they strive to remain delta neutral. This dynamic will only become stronger until the very end of June, and the “fireworks” in the S&P 500 may not start until July.
Not investment advice. Filmed on June 16, 2022.
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