Dow futures are down 125 points since the previous session's close, only 0.29 of the day options price. $YM_F implied at 13.31% tops 10.83% realized, 433 points a day priced on 353 delivered. Dealers stay long gamma, damping moves, until 51207, 484 points lower.

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A 39 point gap separates $YM_F at 51561 from the 51600 gamma flip, while the past 30 days delivered a 368 point typical day. Net dealer gamma is negative below that line, so hedging feeds moves, and above it hedging absorbs them. Next scheduled is the 1pm rig count.