Post-Witching Gamma Cushion: What September OPEX Left

September's quarterly witching just passed — the largest monthly clearing of options positions. What's left:

• Gamma cushion is thin — the massive end-of-quarter hedges expired; dealers carry less long gamma = less mean-reversion
• Skew relaxed — tail-risk premium unwound post-expiry
• The implication: late-September/early-October moves have more room to run. The dampeners are lighter.

This week specifically: thin gamma cushion + Micron Wednesday + jobs Friday = a stack where individual stock moves bleed into index moves more than usual. The volatility events don't stay contained.

Rehearse the uncovered tape on Stock Picks.