Gamma-based strategies doing what they do best: reduce volatility.

494 earnings reports, today, and many positive. Disney, Dropbox, GoPro, Zillow, and others beat. China, U.S. agree to cancel tariffs in stages. Yet these headlines have little real effect on market prices, at this level of gamma positioning held on market makers’ books. IV, RV, GXV remain low and in a downtrend. The short vol trade remains crowded.