"Everyone's In The Pool" - Goldman's Flows Guru Sees 'Positioning Warning Signs' Ahead Of NVDA Earnings

Confirming our recent observations (here, here, and most recently here) that the current epic melt-up is just one mind-blowing gamma squeeze, similar to the one which was orchestrated by SoftBank in the summer of 2020 (and one which may well have been orchestrated by the same Japanese conglomerate to send ARM stock crashing higher), Goldman Sachs' Flow of Funds guru Scott Rubner highlighted in a note this morning that "the gamma squeeze has been substantial", using SMCI call option activity as an example (of which he notes that are dozens)...

However, he did quietly add that the 'squeeze' was "to the upside" and added "then to the downside" as we are seeing the first cracks appear in the unstoppable names...