Futures spy the gamma positioning in SPY options is
The gamma positioning in SPY options is currently positive, which can amplify upward moves in Futures SPY if spot prices break above 555 resistance. Volatility traders are closely watching this threshold for directional cues. Crude oil futures were trading lower in the early New York session by 1.37% to hover around $64.82 per barrel. This last table shows the performance of purchasing SPY straddles based on the VIX futures premium. A straddle means purchasing an at-the-money call option and put option so that you can profit no matter which way the index moves. However, to earn a profit, the move must be significant so that it can cover the premium of both options. Straddles have been profitable on average since 2017 when the VIX futures premium were at current levels. It was only when the VIX futures premium was negative that straddles were not profitable on average. The futures curve for SPY contracts suggests mild contango, with near-month pricing slightly below three-month forward contracts. This structure implies traders expect gradual appreciation rather than immediate rallies.
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