Why does the market seem to snap back to the same level over and over, no matter what happens? Rich, Piers and guest Will Nutting break down the options positioning behind it, dealer gamma, and why the structure of options trading itself can pin an index in place, or send it flying in either direction once that structure breaks. It’s a concept that explains a huge amount about why markets have been behaving strangely, and why trying to call the index right now might be the wrong question entirely. 0:00 Why the market feels pinned 2:59 Options positioning and dealer gamma explained 3:35 How retail call buying becomes self fulfilling 5:14 Why low volatility encourages option selling 6:04 Why this pins the index but not individual stocks 8:43 How hedge strategies differ from long only portfolios 14:30 The extreme rotations happening inside tech right now 📈 Catch more market commentary and insights on our channel. Subscribe ► https://www.youtube.com/@iguk_official?sub_confirmation=1 Find out more: https://www.ig.com/uk/investments?region=uk&utm_medium=organic_social&utm_source=youtube&utm_campaign=description&product=investing&utm_marketing_tactic=consideration&utm_creative_format=text_link&utm_content=yt_description&audience=na Your capital is at risk. 69% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. #OptionsTrading #StockMarket #MarketStructure #Investing