Triple Witching Friday

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News Buzz

• Dow surges to record as investors celebrate FED’s ‘recalibration’ rate cut.

• Wall Street’s $5.1 trillion triple witching is the next market test.

• The Fed's dramatic move and its promise of more cuts created a risk-on climate on Wall Street that steered investors toward sectors that might benefit from economic growth.

• "Is it off to the races from here? Probably not, because of seasonality and the uncertainty around the upcoming election, but anything is possible," said Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research. 

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Triple Witching

• Triple witching is the simultaneous expiration of stock options, stock index futures, and stock index options contracts on the same trading day. It occurs four times a year: on the third Friday of March, June, September, and December. The expected expiration date for the three might increase trading volume and cause unusual price changes in the underlying assets.

• The triple witching hour is the last sixty minutes of the trading day on the third Friday of March, June, September, and December, when contracts for stock index futures, stock index options, and stock options expire simultaneously.

• Triple-witching days can cause a spike in trading activity as traders close, roll out, or offset their expiring positions, particularly in the final hour of trading.

• Despite the overall increase in trading volume, triple-witching days do not necessarily lead to high volatility. 

Volatility

• Although many expect the volatility to pick up in the seasonally weak Spe-Oct period, cycles of short-term VIX futures, VIXY, suggest declining volatility into the 2^nd week of October, at least, according to the cycles detected on the 4H bar chart. 

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Market Summary

As of close on 19 September, 2024

What Has Been

• Green all over the world.

• Dow advanced 522.09 points or 1.26% to 42,025.19.

• S&P 500 advanced 95.38 points or 1.7% to 5,713.64.

• Nasdaq advanced 440.68 points or 2.51% to 18,013.98.

• Russell 2000 advanced 46.37 points or 2.1% to 2,252.71.

• 5-10-year Treasury yields were up again. Counterintuitive, isn’t it?

What’s Next . . .

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