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Morning Market Intel · Tuesday, November 10, 2026 · 08:30 ET

Net liquidity stands at $5791 bn with overnight reverse repo at $0 bn, while the four-week QT pace registers -$2 bn and the liquidity tide reads -2, framing a defensive posture. The 3-month/10-year curve holds at +67 bp and the rate path is priced at -58 bp, with the 10-year breakeven at 2.23 pct and general collateral at 3.87 pct. The dollar index sits at 121.67. Initial claims printed 189k against a four-week 195k. If the tide continues draining, then the backdrop tilts toward caution, even as term structure stays upward and skew reads 153.55.

SPY trades at 753.27 above its prior close of 736.78, sitting above the zero-gamma line of 736.8 by 224 bp in positive gamma, with walls at 754.0 and 734.0 and a magnet at 750.0. QQQ trades at 676.91 above the zero-gamma line of 661.4 by 234 bp, also in positive gamma, with walls at 678.0 and 660.0 and a magnet at 678.0. If positive gamma persists, then dealer flows tend to dampen moves toward the magnets. If spot breaks below the lower walls, then the stabilizing effect may fade.

Liquidity and the Fed

• Liquidity: net liquidity $5791 bn · overnight reverse repo $0 bn · QT pace over four weeks -$2 bn · liquidity tide -2 · posture defensive · tilt put-lean, reduced size, no late holds (as of 2026-11-09)
• Rates and macro: 3-month/10-year curve +67 bp · 10-year breakeven 2.23 pct · rate path priced -58 bp · general collateral rate 3.87 pct · dollar index 121.67 · initial claims 189k (four-week 195k) (ledger 2026-11-09)

Dealer gamma, premarket

• SPY 753.27, prior close 736.78 on Nov 6 (+2.24 pct) · zero-gamma line 736.8 · spot above the line by 224 bp · positive gamma · walls 754.0 / 734.0 · magnet 750.0
• QQQ 676.91, prior close 657.62 on Nov 6 (+2.93 pct) · zero-gamma line 661.4 · spot above the line by 234 bp · positive gamma · walls 678.0 / 660.0 · magnet 678.0

What the structure implies today

• SPY: above the line at 736.8, dealers are long gamma. They lean against every move, which dampens the tape and pulls price toward the magnet at 750.0. The upper wall at 754.0 is the ceiling while it holds. A break and hold below 736.8 flips the tape to negative gamma, where moves extend.
• QQQ: above the line at 661.4, dealers are long gamma. They lean against every move, which dampens the tape and pulls price toward the magnet at 678.0. The upper wall at 678.0 is the ceiling while it holds. A break and hold below 661.4 flips the tape to negative gamma, where moves extend.

Volatility

• Volatility: VIX 20.01 · 1-day 17.22 · 9-day 19.98 · 3-month 20.92 · term upward · skew 153.55

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.