Options expiration Friday: pinned all day
A quarterly options expiration with the index pinned to a round number from the open to the close. Not a day to read much into, and I didn't.
Sample newsletter used to test the layout. Delete before launch.
The index opened near a big round number and stayed within a few points of it for the entire session. That is what a large options expiration looks like, and the right response is to accept it.
Things I noticed anyway
- Breadth was better than the index. More stocks advanced than declined even though the index was flat. That is usually constructive.
- The Nasdaq 100 lagged slightly. Some of that is the semiconductor group cooling off after two strong weeks.
- Volume spiked into the close, as it does on expiration. Ignore it.
Next week
The Fed meets a week from Tuesday, so next week is about earnings previews and whether the semiconductors rest or roll over. The three-scenario Fed plan is already written.
No sources today: it was a positioning day, not a news day.