Updated Options Position Summary (as of today’s closes + adds) Total Long Contracts: 506 Breakdown by Expiration: • July 31
$11: 30 contracts • August 21
$10: 40 contracts (+10 added)
$11: 46 contracts
$12: 30 contracts (+20 added)
→ 116 total (strong NTM core) • September
$11: 15 | $12: 20 | $13: 16 | $15: 10 | $25: 53
→ 114 total • October
$12: 82 contracts (+1 added)
$13: 7 | $15: 104 | $16: 60
→ 253 total • November
$15: 10 contracts • January
30/60 call vertical Short Positions: None Quick Take + Market Context Today delivered exactly the kind of session that shows the overhang starting to lose control: a sharp -10% flush intraday (9.62 → 8.78) on synthetic supply, followed by a strong recovery to close green at 9.66. Gamma across the call wall jumped 20% on the rip concentrated August $10–$12 strikes are now perfectly placed to benefit. Shoutout to @101_TBE_RISES for calling the algos moving into accumulation mode on the dips. They refreshed the loan pool again (53M on loan at 70% utilization), but it still couldn’t prevent a green close. This kind of volatility expansion is actually worse for the synthetic overhang than just giving up price. It forces higher borrow costs, burns their hedges, and makes the elastic pool far less effective. My adds today (10 more Aug $10s, 20 more Aug $12s, +1 Oct $12) leaned into the dip while strengthening both near-term torque and the longer ladder. The position feels increasingly well-aligned with the shifting dynamics. Still holding for the long-term TAE story with you. We shall see. NFA DYOR