helios.markets All editions Research Track record

Morning Market Intel · Friday, October 30, 2026 · 08:30 ET

Liquidity and the Fed

• Liquidity: net liquidity $5801 bn · overnight reverse repo $0 bn · QT pace over four weeks -$1 bn · posture neutral · tilt no macro tilt · fragility true (as of 2026-10-29)
• Rates and macro: 3-month/10-year curve +77 bp · 10-year breakeven 2.38 pct · rate path priced -82 bp · general collateral rate 3.92 pct · dollar index 121.32 · initial claims 194k (four-week 197k) (ledger 2026-10-29)

Dealer gamma, premarket

• SPY 761.44, prior close 768.38 on Oct 29 (-0.90 pct) · zero-gamma line 771.7 · spot below the line by 133 bp · negative gamma · walls 764.0 / 735.0 · magnet 765.0
• QQQ 697.09, prior close 713.88 on Oct 29 (-2.35 pct) · zero-gamma line 706.0 · spot below the line by 126 bp · negative gamma · walls 706.0 / 690.0 · magnet 690.0

What the structure implies today

• SPY: below the line at 771.7, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 735.0 is the next floor. Reclaiming 771.7 and holding it returns the tape to a dampened regime.
• QQQ: below the line at 706.0, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 690.0 is the next floor. Reclaiming 706.0 and holding it returns the tape to a dampened regime.

Volatility

• Volatility: VIX 16.94 · 1-day 12.50 · 9-day 15.32 · 3-month 19.20 · term upward · skew 148.74

Numbers as published by the liquidity ledger and the options-positioning feed at 08:30 ET. Structure describes dealer hedging mechanics, not a forecast.

Educational only — not financial advice. Options trading involves substantial risk.