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July OpEx is still negative gamma across the board with no exception. Once June QTR expires, all the positive gamma expires with it. Vol will increase and put much pressure on the downside. Option positioning will continue to be negative gamma and will not be repositioned for positive gamma.

We will see a turn from greed to fear quickly.

Flows are the most important factor right now.

I am bullish for year end, but the flows will be dictating action this July. SPY will be <= 772.