Stocks bombed in Iran?

Thursday 29 January 2026

Charts from TME. All-time highs again, with nowhere to go as volatility climbs on safe haven bids.

Skew climbing with tail risks.

Long gamma a big headwind as, “gs futures strats calculate $6bn of long gamma at spot, which increases to $12bn long gamma +100bps higher… in english, a 100bps rally in spx cash creates supply of ~35,000 e-minis from market makers“.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.