As the silly cat pointed out in 2023, the current level of distortion in the US stock market is quite severe. Whether it's the various sophisticated algorithmic trading strategies or the proliferation of near-expiry options, both are continuously exacerbating the effects of dramatic market fluctuations. Currently, the release of Gamma has become the only core driving force of the market, and it can even be said that it is Gamma itself that is leading the generation of market trends.

The current trading activity has essentially evolved into a zero-sum game between retail investors and market makers, mainly concentrated in the last few hours of trading days. Looking back over the past decade or so, the silly cat has never witnessed such a distorted market state, and as for earlier history, it is not worth commenting on, as that time might still have been using diapers.

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