After yesterday's breathless Nvidia-led meltup, which saw the AI chipmaker surpass both $3 trillion in market cap and Apple's valuation, today's session was a boring affair by comparison, which saw the S&P close unchanged after a day in which the index barely moved. {chart} There were three reasons behind the lack of action. First, technicals. As Goldman's Brian Garrett notes, ES 5350 is the "magnetized" strike, with $9.5 billion of gamma - a record amount - to trade per 100bps; This means that dealers have to sell 35,000 eminis on a 1% rally, and buy 35,000 eminis on a 1% sell off. Said otherwise, the record dealer ... (full story)