Credit already resolved. The structural shorts didn't. That's the incomplete handoff under this $QQQ bid through 682. Discretionary and vol-target money lifted the mega-caps. CTAs never covered. Dealers flipped long gamma above the flip. Absorbing every push, not amplifying it. Every squeeze into 10Y 4.70% is a fade until those systematics move. Choppy goldilocks from here. Not melt-up. What level finally forces the cover?
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