helios.markets All editions Research Track record

Morning Market Intel · Wednesday, November 11, 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 under a defensive posture. The 3-month/10-year curve sits at +67 bp, the 10-year breakeven at 2.22 pct, and the priced rate path at -63 bp, with general collateral at 3.86 pct. The dollar index holds 121.88, and initial claims print 189k against a four-week 195k. If liquidity continues draining and tail hedges stay richly bid, then the defensive backdrop may persist across the session.

SPY trades at 757.24 above its prior close of 750.28, sitting 66 bp over the zero-gamma line of 752.3 in positive gamma, with walls at 760.0 and 740.0 and a magnet at 760.0. QQQ reads 687.98 above 674.47, holding 162 bp over its zero-gamma line of 677.0, also in positive gamma, with walls at 690.0 and 675.0 and a magnet at 690.0. If spot remains above the zero-gamma line, then dealer hedging tends to dampen movement toward the magnets. If spot falls below those lines, then that stabilizing effect fades.

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 2026-11-10)
• Rates and macro: 3-month/10-year curve +67 bp · 10-year breakeven 2.22 pct · rate path priced -63 bp · general collateral rate 3.86 pct · dollar index 121.88 · initial claims 189k (four-week 195k) (ledger 2026-11-10)

Dealer gamma, premarket

• SPY 757.24, prior close 750.28 on Nov 10 (+0.93 pct) · zero-gamma line 752.3 · spot above the line by 66 bp · positive gamma · walls 760.0 / 740.0 · magnet 760.0
• QQQ 687.98, prior close 674.47 on Nov 10 (+2.00 pct) · zero-gamma line 677.0 · spot above the line by 162 bp · positive gamma · walls 690.0 / 675.0 · magnet 690.0

What the structure implies today

• SPY: above the line at 752.3, dealers are long gamma. They lean against every move, which dampens the tape and pulls price toward the magnet at 760.0. The upper wall at 760.0 is the ceiling while it holds. A break and hold below 752.3 flips the tape to negative gamma, where moves extend.
• QQQ: above the line at 677.0, dealers are long gamma. They lean against every move, which dampens the tape and pulls price toward the magnet at 690.0. The upper wall at 690.0 is the ceiling while it holds. A break and hold below 677.0 flips the tape to negative gamma, where moves extend.

Volatility

• Volatility: VIX 19.53 · 1-day 14.05 · 9-day 18.58 · 3-month 20.69 · term upward · skew 150.34

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.