Every call goes up before the print. Every receipt goes up after. Q2 2026, Alphatica Earnings Quality Signal: 0/6 BEARISH TSLA -14% 0/6 BEARISH INTC erased a 15% rally 0/6 BEARISH SNDK -7% 2/6 BEARISH JEF -10% 2/6 BEARISH CAR -10.19% 2/6 NEUTRAL TER beat called to the penny, sell-off called 3/6 NEUTRAL AAPL -9% 4/6 BULLISH AMZN +6% 5/6 BULLISH NOW +4.22% 5/6 BULLISH FFIV +11.4% off the low Next up is NVDA, August 26 post-market. The call posts before it. What else runs here: Institutional quality research that you will only find behind trading desks and prime brokerages. The edge was never the data. It was who could afford the analysis. Q4 changes that. Institutional and data licensing: [email protected] Get on the list first: alphatica.io $NVDA $SPY $QQQ

SPY MIDDAY | Monday October 26 $765.15. Up 0.68%. Monday was the test. The rebuild showed up. FRIDAY: At 10:54AM SPY was $762.82 with -$2.48B of gamma and the composite at -48. It closed $759.97. Day: -0.52%. Week: -0.43%. By midday it's $5 higher. FRI 10:54AM → MON 12:05PM: Price: $762.82 → $765.15 Composite: -48.0 → +17.7 (neutral) Options surface: -$2.48B → -$1.10B Engine: -11M → +53M Net premium: +$177M → +$480M Premium: 58% calls → 68% calls Every reading improved. The surface cut its negative gamma by more than half. New calls are opening 8 to 1 over closing. OUR FIVE TOP CONDITIONS TEST: Saturday we said Monday morning was the next test. Here's the scorecard. 1. Floor: the GEX flip was 0.2% from price Friday. Today it's 10% below. 2. Fuel: the engine went from -11M to +53M. Refilled. 3. Correlations: green. 4. Rebuild: showed up. 5. Magnets: positive gamma from $770 to $790 is back to about $450M, up from $295M Friday. Still below last Wednesday's $960M. Zero of five firing. The magnets are the one still rebuilding. WHERE PRICE IS SITTING: Above: $768 (+$40M), $770 (+$29M), $775 (+$39M), $780 (+$83M) The first real magnet is $780. Most of $768 and $770 is today's calls. Below: $762 (-$46M), max pain $760 (-$154M) $755 (-$317M), the biggest strike on the board $750 (-$207M) About $1.3B of negative gamma from $740 to $767. THE HIDDEN CLIFFS: $767 shows -$89M. Today's calls add +$40M. Tomorrow's puts carry -$118M. $765 shows -$19M. Today's calls add +$97M. Friday's puts carry -$94M. Both get exposed when today's calls expire at 4PM. VOLATILITY: ATM IV: 15.2% calls, 16.7% puts. Calls down from 17.0% Friday. Puts priced over calls again. Normal skew is back. Realized vol: 10.5%. $780 is the line. $765.15 is price. $762 is max pain. $755 is the cliff. The rebuild showed up. The magnets haven't fully come back yet. $SPY $QQQ

🚨🚨Anthropic just filed its S-1. Ticker: ANT. The line that matters: $159B committed to Google and Microsoft through 2033, payable whether the compute gets used or not. H1 revenue: $16.3B, up 1,300%. Fine. But another $125–150B in TPUs isn’t even in the commitments table. The founders get 50.1% of the vote and 0% of the economics. A trust picks the board majority. As a public benefit corporation, the board has to weigh shareholders alongside other stakeholders. The suppliers are also investors and customers. And one of the risk factors is that its models “may behave in unintended, misaligned, or autonomous ways.” You’re buying the growth. You don’t get a say in how the money is spent. solana:4Wdn6GGJLdyeMLLfzu3pPQMmf9Kivd8e9xmbLb2bpump

SPX GEX Levels: Monday, October 26 SPX closed Friday at 7,623.68, down 40 points (-0.52%), inside our 7,590–7,740 range. Net gamma fell from -$291M to -$655M. That's the deepest reading since July, deeper than last Monday's -$536M. Three weeks ago this market had a $1.46B cushion. Now it walks into FOMC week and megacap earnings with the least dealer support since summer. Spot is caught between two walls: 7,650: -$123M overhead 7,600: -$138M right below Under that, the stack keeps going: 7,575 (-$63M), 7,550 (-$72M), and 7,500 at -$138M, the heaviest bucket on the board and Friday's top put-volume strike. 7,500–7,650 adds up to -$666M. The flip is 108 points away at 7,731. Above it, 7,800 (+$61M) is the first magnet, and it's thin. Not everything got worse. Volume put/call eased from 1.72 to 1.51, just under the 1.55 line. Calls traded at 7,700, 7,750, 7,800 and 7,900, so some traders are positioning for a bounce. ATM IV still rose to 16.7%. This setup amplifies whatever the catalysts deliver. Negative gamma doesn't pick a direction. It makes the move bigger once one starts. A dovish Fed or strong earnings could squeeze shorts hard through 7,650 and 7,700. A disappointment has 7,500 underneath with nothing absorbing on the way. Predicted range: 7,545–7,705. Lose 7,600 and 7,500 is in play. Reclaim 7,650 and 7,700 opens. $SPY ethereum:0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c $QQQ

To all the fan boys out there, we just recreated the same video. Not that hard.

We will be here. This is all we need. Easy fix: the order history. Five buys, fill times and prices, account number cropped. That's the receipt the screenshot can't give.

HE CAN’T PROVE IT. He asked and we responded. This is all we need. We are done with this. We know the answer. Easy fix: the order history. Five buys, fill times and prices, account number cropped. That's the receipt the screenshot can't give.

The fact we are getting harassed from all angels concerning this $MRNA trade only means one thing. It did not happen.

For continuity, we are attaching the screenshot, video and the original post. Hopefully we are not breaking any hearts. That is not the idea here. 🚨 We are not going to come out and say this screenshot is fake. You be the judge. Our premise: a broker screen is one photograph. Robinhood (as an example) marks all five positions at the same instant, off the same MRNA price. So each mark is an independent witness to one moment. A real screenshot means all five witnesses tell the same story. A fabricated one is usually stitched together from prices taken at different times, from a chain, a chart or a "last" price. That's where it breaks. 1. No overlap. Under our strict settings, no single minute existed where all five marks were valid. These five prices never coexisted, so the screenshot couldn't have shown them together. If the screenshot is a snapshot taken at one moment, then at that moment each contract was worth its displayed price, at the same time: 10/30 $180P = $5.08 11/6 $195P = $10.70 11/6 $170P = $4.68 12/18 $200P = $17.93 12/18 $180P = $11.05 These prices move together because they all hang off MRNA's stock price. When MRNA drops, all five rise, so a given stock price produces a particular combination of the five. Our minute test checked every minute of the day for whether each contract traded near its screenshot price. Under strict settings, no minute had all five at once. Each price was real at some point, but never all together. 2. The 11/6 $170P is the witness that pins the time. Liquid contracts like the 10/30 $180P (5,669 contracts traded) printed all day across a wide range, so almost any plausible price matches them at some point. The $170P was thin: 62 open interest, 52 minutes with prints. Thin contracts fit only a few moments, so they act like a timestamp. Under strict settings it pointed to 12:44 and nowhere else. 3. Two stock prices in one screenshot. The Dec $200P at $17.93 first fits at 09:35, when MRNA was about $238. The $170P at $4.68 fits at 12:44, when MRNA was around $200 after the crash. A $170 put with MRNA near $200, 15 days out and implied volatility around 140%, should be worth a lot more than $4.68. That would put MRNA at $238 and $200 on the same screen, which is impossible. The thinnest contract is the timestamp, the timestamp is post-crash, and its price contradicts the stock level the other four imply. When testing a screenshot, find the least liquid position. It's the hardest price for a faker to get right and the one that pins the time. $MRNA

As promised. This is how easy it is to make a fake P/L video. We were able to make the same Robinhood video that is on the accounts profile in 2 minutes. We are not posting it for valid reasons. But as you can see it is very easy to create the same video.

For those who received our Stock Blow-Up Report this morning, the issue Elon Musk raised about an hour ago is exactly what we expect to affect many more companies. This is only the beginning. The good news is that it does not eliminate the path to new all-time highs.

🚨 THE AI EARNINGS BOOM IS CONCENTRATED. We expect S&P 500 earnings to rise 30% year over year in Q3. But Nvidia and Micron alone account for 34% of that growth. The top 10 companies account for roughly two-thirds. That concentration is the risk. If AI fails to generate an adequate return on the enormous amount of capital being invested, the companies carrying the index will face the largest earnings revisions. But the other side matters too. Remove the top 10 contributors and the rest of the S&P 500 is still expected to deliver approximately 10% earnings growth. The stars are carrying the team. The rest of the team is not collapsing. The AI leaders are also producing real profits: Micron quarterly profit growth: +1,078% Expected Nvidia earnings growth: +90% That is the key difference between this cycle and the dot-com bubble. The companies leading this market are making money. Share prices have also risen far less than earnings estimates this year, leaving valuations cheaper than they were in January. The market is not pricing endless hypergrowth. It is already discounting an eventual slowdown. The next phase may also broaden beyond chips. As memory constraints ease and data centers move from construction to operation, capital may rotate from the companies supplying the hardware toward the companies supplying the electricity. The AI trade is concentrated. It is also profitable. Both can be true. $SPY $QQQ

This is a serious risk and its under appreciated. One of the reasons why we are seeing a selloff in the markets right now. Local regulatory and political opposition.

Levered to the Cycle on Every Axis. This stock is going to eventually blow up. The report will be released to our email subscribers first.

We think blocking people simply because they disagree with you shows insecurity and an unwillingness to engage in dialogue. Communication can sometimes be misunderstood or taken out of context. When that happens, ask for clarification. This is a platform for debate. Grow up. @ZiggyWumpus

We are on the brink of war, @grok verify. Almost time to buy calls, @grok verify.

Listen carefully. Democrats could try to bring the AI data center buildout to an abrupt halt if they regain control of the House. What Obama is describing here about Trump’s White House renovations and gold-plated rooms could be deeply off-putting to the American public.

Iran has restarted its nuclear program and plans to eliminate Israel in the near future.

The Fed decides Wednesday. You can decide today. Players who opened with 50 bp or more crashed the market half the time. Those who held or went +25: 1 in 26. Patience wins the chair. Tally closes at 2pm Wednesday. alphatica.io/fedchair/