Dow being pumped to nice round number of 23k
Doubtful it will last.
Looking tired and toppy. Same as it ever was.
Will put something up on Quad-witching in a few.
https://www.stock-options-made-easy.com/quadruple-witching.html
Introduction
The phenomenon of a quadruple witching is a relatively new innovation in the market place. Before the days of single stock futures, a triple witching hour would take place on the third Friday of each month that wrapped up a quarter. There was also the phenomenon of a double witching, which would usually involve stock market index futures and either stock market index options or stock options that were scheduled to expire.
In providing a name for this type of market event, the use of the term witching hour is based on folklore regarding a short period of time when those who practice witchcraft were said to be especially powerful and active. Since the expiration of these four types of contracts exerts a great deal of influence on market performance as the trading day comes to an end, the term is generally thought to be both appropriate and descriptive.
Definition Simplified
A day on which contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.
Quadruple witching is when contracts for stock index futures, stock index options, stock equity options and single stock futures expire.
On these days,
market index futures,
market index options,
stock options and
stock futures expire,
usually results in increased volatility.
Although futures and options generally share simultaneous expirations on the third Friday of every month, quadruple witching days only occur four times a year.
This happens once every quarter, on the third Friday of March, June, September and December.
The last hour of these trading days, from 3:00 to 4:00 p.m. EST, is referred to as the quadruple witching hour.
moar at link above
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If you are holding any options on the day of expiry you had better hope it still follows your trend. For example if holding puts into today the trens has certainly been your friend. This issue is the pop this morning will have affected those positions drastically since you only have the rest of the session to unload them. the time slip factor eats away these fast the closer you get to the day of expiration.
Most savvy traders who had puts were unloading them all week and into yesterdy's close. If you held any over-night they are much reduced in value with today's pop.
A ruthless trader would have taken a small call or long position and unloaded right about where it's at now. Taking advantage of many down days leading up to it. They were cheap all week and dirt-cheap into the action that started on Weds through yesterday.
so was your mom at my house last night.
Would be adding to a short position taking it to 50%. Why not?…the original 25% still held is almost 650 points on the DJI further up.
This is why I would add to the DJI short as this has been gunned down from the start. No love here. The DJI was gunned up to wipe out any remaining OpEx payouts on the sell-side…Puts.
They like soing this and have excelled for years wiping positions out for no other reason that they can.
not market related but applies to current habbenings…
That must have been expensive!
This one too!
Lots of FIAT burned for that. Also some retail short-covering. Still short-biased..addition was at about +260 or so.
Metals are essentially unchanged to down slightly since last update
Gold $1259.xx ASK
Silver $14.76 ASK
Go POTUS!
Make them all eat shit!