this dude thinks SPY NAV was 2% dislocated from the underlying stocks LOL hint: this would never, ever, ever, ever happen for more than maybe 30 seconds during a limit down reopen that gaps again

---

I'm starting to think a MM is short gamma hedging on SPY rn. We have snapped back to -0.40% (-1.10%+0.70% ah) since open this morning, which is where it was chopping before the EOD drop. There was huge amounts of puts bought L7 days for the next 3 months. Think we had some days similar to this early in the week too. SPY was trading at a 1.9% premium to nav today meaning SPY was 1.9% more expensive than the underlying assets -- this is fucking strange as usually it is +/- 0.05%. From yahoo : \~671 nav vs 684 spy, but it would explain MM activity. To answer comments below: Bear because its being mechanically propped up. When they stop, it drops, possibly quite aggressively until the next gamma pin in which they'd do the same thing that it is doing right now. Puts strikes have been staggered down all through Nov-->Dec. They stop because they only care about managing their own risk from the other side of those PUT trades. Once they are done, they are indifferent.

---

Spy has to drop to atleast 671 just to match its nav lol

---

Alright, so SPY is 684 and the NAV is 671 rn. 1.9% premium to the actual value of the assets. cool cool cool. Ask chat when in history that has occurred lol.

---

SPY NAV at $686.81 what gives?

---