The Contrarian Thesis Here’s what I believe is happening: The market is experiencing **simultaneous bullish flow coverage and bearish hedging accumulation**. Traders are forced to chase calls because the momentum is real and missing costs more than paying the premium. But at every major resistance (GEX flips, MaxPain strikes, key technical levels), the underlying positioning reveals that this is crowded on one side and dealers are aggressively short gamma. The IV-Rank readings at 96-100% aren’t signaling cheap volatility for buyers—they’re signaling the end of a volatility expansion cycle. The backwardation in term structures is telling us that near-term fear exists despite the bullish tape action. When 18 of 26 symbols are bullish but the structural Greeks and term positioning suggest positioned hedging, that’s not a bull market confirmation—that’s a market setting up for the next violent repricing. I’m watching for the moment when these GEX flips and MaxPain magnets actually become relevant.…