While stocks (^DJI, ^IXIC, ^GSPC) begin to falter in the middle of their record runs ahead of the summer months, Wall Street is wondering what the next market catalyst could look like coming out of earnings season and off of Nvidia's (NVDA) first-quarter results.

RBC Capital Markets Equity Derivatives Strategist Amy Wu Silverman sits down with Market Domination Overtime to talk about how the FOMO trade could be fading away heading into the summer, a period usually expected to be less volatile.

"That reach for upside, that reach for calls... that's really been sucked out of the market since March. March was the peak," Wu Silverman says. "And to me, it speaks to positioning. It kind of says last year folks had to dip their toe in the pool because they might have to jump in. They were worried about that fear of missing out. That's really evaporated. And so, yes, the downside protection hasn't picked up. We're not nervous, but we're also not as bowled up from a sentiment perspective and options either."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.