Cem Karsan joins Jermal Chandler with a read on the one corner of the market he thinks people are underweighting: the momentum factor. Momentum ran hard from April through June on a call squeeze — record call positioning, record call skew, prices exploding higher. Then it rested, call decay set in, and dealers began selling back into it. That's the downtrend momentum has been stuck in all summer, and it's now trying to break out. Karsan's view: if the gamma in that space doesn't squeeze now, the next two weeks into August OpEx look like the rest of the summer. He also connects it to the market-up-vol-up setup from his last appearance, and to a midterm election in November where event vol is still cheap and demand is building. Plus a breakdown of a large Nasdaq straddle sale on the tape — why the two weeks into expiration are the structural window for selling volatility, why the other two weeks are more dangerous and less profitable, and the questions to ask before reading any single...