Inflows undercut hedgers
Hedgers dominate, flows flip
QQQ hedging flow vs ETF inflows at the 50-day SMA
Rate-driven fear
Put-heavy hedging
amplifies downside
put/call 1.10 · IV 19%
Real-money inflows
ETF creation/redemption
1M +$9.7B · day +$403M
hedging amplifies
QQQ
Nasdaq-100 tape
50-day SMA · $713
creation still adding
$718.60
Dip holds
50-day SMA bought
breaks SMA
flows flip negative
Drawdown extends
hedgers dominate
extends beyond the SMA