Independent Macro and Options Research Published Daily
Institutional-grade macro and options analysis delivered daily, with a focus on positioning, gamma exposure, dealer hedging flows, and the key levels driving markets.
Latest Analysis
- Financial Conditions Drive Stocks, Not Oil Prices
Financial conditions, not oil, are driving stocks. Credit spreads, rates, and gold patterns suggest a potential shift as markets digest recent volatility. - The VIX May Be Much More Than Just A Fear Gauge
What is the VIX? Learn how the VIX works, why it may not fully reflect market risk, and how suppression, VVIX, and OPEX influence volatility. - The Volatility Dispersion Trade Driving The S&P 500
The Hidden Trade Driving the S&P 500 The S&P 500 can rally on bad news, fall on good news, and move with no news at all. That’s not randomness — it’s… - Gamma Exposure (GEX) Often Drives Short-Term Market Moves
Gamma Exposure Often Drives Short-Term Market Moves The S&P 500 drops 2% with no headline. Or it grinds higher for a week while the news is bad. Most investors blame… - Markets Face Reset as Oil Climbs and Earnings Begin
Oil prices and earnings season impact on stocks as rising crude and positioning risks increase downside pressure in equities. - Equities Advance but Face Headwinds from Technical and Options Forces
The S&P 500 faces technical and options resistance as the index advances, with volatility risks rising ahead of the jobs report and market closure.
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Over a Decade of Independent Market Research
Michael Kramer founded Mott Capital Management and has spent more than a decade publishing independent research on U.S. and global markets.
His work focuses on publishing data-driven analysis covering macro trends, options market structure, dealer positioning, and gamma exposure — providing readers with both a long-term perspective and a quantitative edge in understanding market mechanics.
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“Understanding the macro environment is the key to navigating markets. Every trade starts with a thesis, every thesis starts with the data.”— Michael Kramer, Founder
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