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Morning Market Intel · Friday, November 13, 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 sits at +64 bp, the 10-year breakeven at 2.20 pct, and the rate path priced at -68 bp, with the general collateral rate at 3.87 pct. The dollar index holds 121.88, and initial claims print 200k against a four-week 195k. If liquidity continues draining, then conditions that favor tail hedges, where skew reads 149.09, tend to persist.

SPY trades at 760.11 against a prior close of 757.00, sitting below its zero-gamma line of 763.1 by 40 bp in negative gamma, with walls at 762.0 and 760.0 and a magnet at 760.0. If spot stays below the zero-gamma line, then dealer hedging can amplify moves rather than dampen them. QQQ at 689.63 sits below its 694.2 line by 66 bp, also in negative gamma, with walls at 696.0 and 685.0 and a magnet at 685.0. If price drifts toward a magnet, then that level may draw the tape; the VIX reads 18.79 with an upward term structure.

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 2026-11-12)
• Rates and macro: 3-month/10-year curve +64 bp · 10-year breakeven 2.20 pct · rate path priced -68 bp · general collateral rate 3.87 pct · dollar index 121.88 · initial claims 200k (four-week 195k) (ledger 2026-11-12)

Dealer gamma, premarket

• SPY 760.11, prior close 757.00 on Nov 12 (+0.41 pct) · zero-gamma line 763.1 · spot below the line by 40 bp · negative gamma · walls 762.0 / 760.0 · magnet 760.0
• QQQ 689.63, prior close 687.76 on Nov 12 (+0.27 pct) · zero-gamma line 694.2 · spot below the line by 66 bp · negative gamma · walls 696.0 / 685.0 · magnet 685.0

What the structure implies today

• SPY: below the line at 763.1, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 760.0 is the next floor. Reclaiming 763.1 and holding it returns the tape to a dampened regime.
• QQQ: below the line at 694.2, dealers are short gamma. They lean with every move, which amplifies the tape. The lower wall at 685.0 is the next floor. Reclaiming 694.2 and holding it returns the tape to a dampened regime.

Volatility

• Volatility: VIX 18.79 · 1-day 15.80 · 9-day 17.61 · 3-month 20.12 · term upward · skew 149.09

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.