May 14, 2026 - The Gamma-Fueled Melt-Up: Credit Cracks Beneath the Rally

Markets are melting up, record highs are back in play, and investor sentiment is starting to feel almost unstoppable. But beneath the surface, credit markets are telling a very different story.In this episode of Market Pulse by Orestes Capital, we break down the tension between a gamma-driven equity rally and the growing signs of stress showing up in credit. We discuss why dealer positioning, volatility suppression, and forced hedging flows can keep stocks levitating — even as cracks begin to form underneath.This is the market setup investors cannot ignore: a melt-up that feels bullish on the surface, but may be increasingly fragile under the hood.Key themes covered:* The mechanics behind the current equity melt-up* Why gamma positioning matters for market direction* How volatility suppression can create sudden air pockets* Credit stress signals investors should be watching* Why record highs do not always mean risk is low* The disconnect between equity momentum and credit market cautionThe big question: Is this rally confirming a healthier market — or is it masking deeper credit distress?Subscribe to Market Pulse by Orestes Capital for sharp, data-driven analysis across equities, credit, rates, macro, and market structure.Disclosure:This podcast is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy any security or financial instrument. Views expressed are those of the speaker as of the recording date and are subject to change. Orestes Capital may hold positions in securities or instruments discussed. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.