20 September 2013

SP 500 and NDX Futures Daily Charts - Antics on the Triple Witch Option Expiration

Today was the triple witch options expiration in stocks.

I should have given you all a heads up on this, but the week has been full of personal distractions.  I assume that anyone who trades stocks and options would know this, but I forget that there are gold and silver people who can become alarmed at these sorts of technical shenanigans.
"An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year on the third Friday of March, June, September and December."
It is important to precious metal traders because of the big option interest in the paper gold and silver trades in GLD and SLV.  

As you know I think all amateurs should be out of these markets from a short term trading stance, given the low stock volume and even lower level of regulatory oversight.  We're not in Kansas anymore, Toto, this is Crooklyn.

Have a pleasant weekend.