helios.markets All editions Research Track record

Morning Market Intel · Tuesday, November 3, 2026 · 08:30 ET

Liquidity and the Fed

• Liquidity: net liquidity $5741 bn · overnight reverse repo $5 bn · QT pace over four weeks -$2 bn · liquidity tide -1 · posture neutral · tilt no macro tilt · fragility true (as of 2026-11-02)
• Rates and macro: 3-month/10-year curve +80 bp · 10-year breakeven 2.34 pct · rate path priced -73 bp · general collateral rate 3.93 pct · dollar index 121.32 · initial claims 194k (four-week 197k) (ledger 2026-11-02)

Dealer gamma, premarket

• SPY 752.31, prior close 753.53 on Nov 2 (-0.16 pct) · zero-gamma line 748.5 · spot above the line by 50 bp · negative gamma · walls 756.0 / 736.0 · magnet 750.0
• QQQ 685.07, prior close 682.85 on Nov 2 (+0.33 pct) · zero-gamma line 692.8 · spot below the line by 111 bp · negative gamma · walls 692.0 / 680.0 · magnet 680.0

What the structure implies today

• SPY: below the line at 748.5, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 736.0 is the next floor. Reclaiming 748.5 and holding it returns the tape to a dampened regime.
• QQQ: below the line at 692.8, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 680.0 is the next floor. Reclaiming 692.8 and holding it returns the tape to a dampened regime.

Volatility

• Volatility: VIX 21.40 · 1-day 18.19 · 9-day 22.87 · 3-month 21.71 · term upward · skew 149.76

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.