EP

@JoeyGEX What do you mean by signed MM positioning? What is the standard that you are able to distinguish MM positioning from overall? Where does that standard come from?

Some added clarity: I’m making two separate points. Naive GEX is an assumption, not actual signed MM positioning. And even if SPX 7000 lines up with that assumption in this case, the other issue here is the expiry split. The negative gamma is AM (think before the open). After AM rolls off, the PM book currently at 7000 is long gamma. Also.. one strike doesn’t define the whole dealer book. It’s a local node, not the entire gamma regime.

Respectfully.. this is exactly why naive GEX can be misleading. Naive gamma (GEX) assumes customers only sell calls and buy puts which we know is not true. In my image below.. we have actual market maker (MM) positioning for tomorrows expiry based on CBOE signed inventory. - Column 1 = net MM positioning for AM expiry - Column 2 = net MM positioning for PM expiry - Column 3 = both expiries combined, but split by calls and puts so you can see that at this strike (7000) dealers are short puts and long calls, which offsets a good portion of the net gamma exposure. That distinction matters. The AM book shows the negative gamma exposure at that strike. However.. after the AM roll-off, that expiry is no longer part of the live intraday book. What remains is the PM dealer book, which at this strike is long gamma, not short gamma. So saying “big put GEX = dealers short gamma” misses the actual structure.

@SteveDJacobs How can one access these also? Are they publicly available? Thx

💧📈 Liquid Leader Stock Scan: Price Structure 📉 24th March 2026 EoD 97 stocks* grouped into columns based on the price structure of key moving averages at close Watchlist 👀 Scan A: $GEV Scan 1: $VRT $WDC $STX $MRVL $AMAT $GLW $COHR $TER $LRCX $KLAC $RIVN Scan 3: $CF Green font color means the daily candle is green (day and open change are both positive) Red font color means the daily candle is red (day and open change are both negative) Pale grey cell color indicates the trend is negative * daily $ vol >= $500M

Read this and shut tf up @BardemAntarctic

@elonmusk Dear Elon, In these critical days, the people of Iran need internet access. Please help them stay connected as they struggle to reclaim their country from the rule of the mullahs. Stand with the Iranian people. Iran will not forget its friends.

For over 2 years now, I’ve been telling everyone that the influencers who are being paid are actually being paid by Islamic countries and with Islamic money. I always said the claim that pro-Israel and anti-Hamas accounts were being paid $7,000 was just projection and made up lies by people who actually have been given $7,000 by bad actors. FEC records reveal that @RepThomasMassie, who has been spreading the lie that pro- Israel accounts are paid $7,000 per post, has actually been receiving donations of $7,000 from Muslim donors. This explains why Massie appears to be pro-Iran and why he wants to limit President Trump’s ability to carry out strikes in Iran. Another purveyor of the $7,000 lie used to attack Jews is @tparsi Trita Parsi, the founder of NIAC, and the founder of the Quincy Institute, who keeps appearing on @Bannons_WarRoom. Parsi and NIAC @NIACouncil have been accused of lobbying for the Iranian regime and serving as a mouthpiece for the Ayatollah in DC. In 2020, multiple US Senators, including @SenTomCotton and @tedcruz called on the DOJ to investigate NIAC for allegedly lobbying for the Iranian regime. Recently, Paris’s @QuincyInst Quincy Institute gave Thomas Massie an award. See photos below 👇🏻 Before the Ayatollah was killed in an airstrike ordered by President Trump, one of the last tweets posted by the Ayatollah was the false claim that President Trump was looking to strike Iran because of the Epstein files. This is the same line used by Massie, who just yesterday, brought a vote to the floor of the House to try to limit President Trump’s war powers. The House GOP @HouseGOP overwhelmingly voted in support of Trump, and Massie’s resolution ultimately failed after 4 Democrats crossed the aisle to vote against Massie’s resolution and on the side of America. It appears that Massie is now a mouthpiece for Islamic and Iranian interests, which is why supporters of the terrorist Iranian Islamic regime are giving him $7,000 payments and awards. The Woke Reich is an Islamic movement funded by Islamic money. I’ve been saying this since October 7th… Everyday, I am more and more vindicated. @MikeJohnson, Thomas Massie and Trita Parsi should both be investigated. @FBIDirectorKash @AGPamBondi RECEIPTS 👇🏻

This is lowkey badass

@LaraLeaTrump Amazing

🙏🏼

@jacksonhinklle On behalf of 1.5 million Iranian Americans and 90 million Iranians, SHIT THE FUCK UP. Thank you for your attention to this matter.

This man did nothing wrong

@NYCMayor On behalf of 1.5 million Iranian Americans and 90 million Iranians, SHIT THE FUCK UP. Thank you for your attention to this matter.

Today’s military strikes on Iran — carried out by the United States and Israel — mark a catastrophic escalation in an illegal war of aggression. Bombing cities. Killing civilians. Opening a new theater of war.  Americans do not want this. They do not want another war in pursuit of regime change. They want relief from the affordability crisis. They want peace. I am focused on making sure that every New Yorker is safe. I have been in contact with our Police Commissioner and emergency management officials. We are taking proactive steps, including increasing coordination across agencies and enhancing patrols of sensitive locations out of an abundance of caution. Additionally, I want to speak directly to Iranian New Yorkers: you are part of the fabric of this city — you are our neighbors, small business owners, students, artists, workers, and community leaders. You will be safe here.

@Cobratate Shut the fuck up

NOBODY WANTS THIS WAR.

@realDonaldTrump Thank you Mr. President 🫡🫡

@aleabitoreddit Seems like their also exploring sale of the whole company. From Claude "The situation has evolved from just a Taiwan sale to a broader process. The board is negotiating non-binding offers for the group as a whole, as well as separate bids for certain group assets"

Here's a deeper look into $IQE ($179M): IQE's hidden InP optionality versus LandMark's $3.5B valuation. And the $IREN / $CRWV "miner" pivot to photonics: Before I did a high-level shower thought overview eg. $AXTI -> $IQE -> $LITE -> $GOOGL TPUs, but this is slightly more DD. Basically: IQE is the largest independent merchant compound semi epitaxial foundry in the world by reactor count and physical capacity. However, it's trading at distressed valuations because it's burdened by a low-margin legacy wireless business, and near-term liquidity constraints. LandMark Optoelectronics (TPEX: 3081) is the closest comparison. As a pure-play proxy for AI InP demand in the 800G and 1.6T optical interconnect market, LandMark commands a ~$3.8B billion market cap with large premiums in comparison to $IQE which is trading at a $175M MC. But if you look deeper at the physical hardware, the disconnect is pretty fascinating: LandMark's operational scale is physically limited. They only operate around 27 to 30 Metal-Organic Chemical Vapor Deposition (MOCVD) reactors out of a single campus in Taiwan per some estimates. IQE, by stark contrast, possesses well over 100+ MOCVD and MBE systems globally. The underlying replacement value and structural capacity of IQE’s photonics asset base looks to vastly exceeds its current public market valuation. Kind of like if a Bitcoin miner has 3GW capacity, vs 750 MW, there's large optionality to monetize it if they convert it. And we're seeing an transceiver bottleneck too: -> The downstream demand for optical transceivers is experiencing unprecedented acceleration. -> Extreme demand, from $GOOGL, $MSFT, $AMZN and others flow directly up the hardware supply chain. This puts immense pressure on transceiver integrators like Innolight, optical component manufacturers like $COHR, $LITE, and $AVGO, and ultimately, the merchant epitaxial foundries that grow the raw epiwafers required for the foundational laser chips. And since other players are hitting a physical capacity ceiling, vertically integrated players like $COHR are capped out, hyperscalers and module makers are desperate for alternative capacity in players like $IQE And.. Hidden entirely beneath IQE's consolidated corporate lines is a massive fleet of Aixtron AIX 2800G4-TM reactors. These are natively dual-capable (GaAs/InP) and can be repurposed for InP production at a relatively modest cost ($500K-$1.5M per reactor) but take few months or year to refactor. And obviously qualification and yield risk added to execution (similar to Bitcoin miners doing software orchestration to GPUs like $CRWV). But still, IQE has the capacity kinda like $IREN or Bitcoin miners that pivoted to HPC. And LandMark is proof of the valuation pure play exposure brings. The Major Question.. Unlocking Trapped Value: While IQE generates significantly higher top-line revenue than LandMark, it's priced ($175M MC) for bankruptcy because of its gross debt of 45M. But the debt looks like pennies to hyperscalers: The explicit, stated goal of their ongoing Lazard-advised strategic review is to definitively conclude the sale of IQE Taiwan (their legacy GaAs wireless business) and utilize the proceeds to completely and permanently extinguish the parent company's restrictive debt profile. Once again their convertible loan notes is a norminal face value of £21.2 million, for proceeds of £18 million for the company. Then they're net debt, £23.5 million. -> The immediate debt burden requiring clearance: £23.5M HSBC facility + £21.2M CLN = ~£45M. Assuming a highly sale price for the IQE Taiwan unit of between £100 million and £150 millio (not guaranteed), IQE would net £50 million to £100 million in surplus cash after becoming completely debt-free. However, RF GaAs is not currently "hot", so in a distressed asset sale it might only be £50M to £60M, which gives it enough room to clear debt alone and little cushion room. The Geopolitical Pivot: Once debt-free, IQE can shift its massive, currently underutilized manufacturing capacity in places like North Carolina and Wales toward the InP epiwafer market for datacenters. It creates a fully capitalized, purely Western-based supply chain for the most critical bottleneck in photonics, eliminating more dependency on Asia at a time when the US and UK are heavily prioritizing domestic semiconductor infrastructure. Basically, just given the amount of raw assets $IQE has: -> Successfully selling off their Taiwan business wipes out the going-concern risks, clears all debt, and leaves them to monetize their 6-inch inp epiwafer tech directly for the Tier 1 optical transceiver players. It's a deep asset value trade on a successful restructuring to unlock trapped value. And a currently well-known supplier for optical networking for hyperscalers (so not a science project). Downside risks are excessive dilution and failure to restructure. But given it's geopolitical importance to Western supply chains and hyperscaler supply chains, it seems to have more cushion. I personally decided to enter this long as a massive potential turnaround. But again, it's not for everyone and it's extremely high risk. TLDR: -> IQE is priced like a distressed RF supplier. -> It owns real photonics-capable infrastructure. -> If gross 41M debt is removed and management reallocates capex toward InP, the equity could rerate materially. -> Restructuring + capacity optionality trade with extreme risk but extreme upside. Closest comparison is Bitcoin miners like $IREN or $CIFR that pivot their GW capacity to AI HPC. They have a ton of physical hardware (GW capacity), and need funds to pivot (either through sale of Taiwan business or dilution). It's an optimistic trade I took they can do it (with wiggle room like $INTC given their geopolitical importance to the West). The downside is extreme dilution, which is always a possibility (meaning your equity gets wiped out to 0 to clear their debts or to help them refactor). I just found that 45M gross debt (14.4% of float + debt) wasn't the most and management was looking to clear that through asset sales rather than dilution to shareholders. Just wanted to publish deeper breakdown and more risks of this very binary **high risk**, but potentially high upside trade.

Vote YES!!!

NYC's annual budget is double Tokyo's Tokyo has twice as many people, cleaner urban environments, superior public transit, lower crime rates, almost no homelessness, and better public education.

@ZeeContrarian1 What's been the best way to express the trade in your experience? Put spreads on VIX options or just straight up short $UVXY? Or I guess a mix of both?

I often say you have 2–3 great opportunities to short the $VIX every year. We are about to get the first one with Iran. I will be shorting $VXX/ $UVXY aggressively if the $VIX spikes.

@Jkylebass @khamenei_ir I love you Kyle

Khamenei thought he could Tehran-U.S. apart, but we are going to Persia-cute Justice with some big bangs soon. 🇺🇸 @khamenei_ir , Your regime will fall and you will be lucky to escape with your life. You should have taken the many generous offers made to you to walk away. Talking time is over. 💣 🛩️ 💣 #Iran

@zerohedge $LAC?

We have now called three direct US investments ahead of time: USAR, MP and INTC

@RonKarlsbergMD @Heart_SCCT @CVMGBevHills I didn’t know about @CVMGBevHills thank you! I’ll give a call this week. Looking forward to it

@DailyTradeGuy Find a Cardiologist who is associated with @Heart_SCCT at a center of excellence in your area. Or consider @CVMGBevHills