Triple Witching to Hit Market Where Traders Pay Up for Hedges

Bloomberg2021-09-17

(Bloomberg) -- Like clockwork, the S&P 500 just endured another mid-month swoon before Friday’s options expiration. What’s less certain is whether the market can resume its record-setting rally at a ...

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Walker975
2021-09-17
Walker975
When they come back to get you
- NatYong:
  need alert with market trends.. [保佑]
- cuteprincess:
  ohh

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What’s less certain is whether the market can resume its record-setting rally at a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/triple-witching-hit-market-where-202300434.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://finance.yahoo.com/news/triple-witching-hit-market-where-202300434.html","article_id":"1101498093","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1101498093","pubTimestamp":1631857799,"sourceInfo":{"source_id":"lsy1612507957220","name":"finance.yahoo"},"weMediaInfo":null,"summary":"(Bloomberg) -- Like clockwork, the S&P 500 just endured another mid-month swoon before Friday’s opti","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"translate_title":"三重魔力冲击市场，交易员为套期保值付费","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"(Bloomberg) -- Like clockwork, the S&P 500 just endured another mid-month swoon before Friday’s options expiration. What’s less certain is whether the market can resume its record-setting rally at a time when traders are busy loading up on hedges.\nThe expiry of stock and index options this time is part of a quarterly event known as “triple witching,” where futures on indexes also expire. Strategists at Goldman Sachs Group Inc. estimated that roughly $3.4 trillion of equity options are set to mature Friday, including $720 billion of single stock options that is expected to be the most for any September expiration.\nHeading into the event, option traders grew antsy about the market, paying near record-high prices for put contracts. Calls for a correction in stocks are multiplying amid the spread of the Covid delta variant, a looming tax hike and the Federal Reserve’s plan to roll back monetary stimulus.\nMeanwhile, the S&P 500 has managed to hold above its key trend line -- the 50-day average -- after a stretch of declines earlier this month that’s not been seen since February. The benchmark last closed at 4,473.75.\n“We’re still cautious on the coming weeks as all the macro risks/overhangs remain unresolved,” Adam Crisafulli, the founder of Vital Knowledge, wrote in a note. “‘Cautious’ in this case simply means anticipating more of the same choppy, range-bound price action that sees the SPX hold above 4,400 but prevents the tape from setting fresh highs.”\nThe quarterly expiration usually coincides with a rebalancing of benchmarks such as the S&P 500, sparking single-day volumes that rank among the highest of the year. According to an estimate from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, the rebalance in the index alone could force $55 billion of stock trades.\nThat means, what’s already a busy week is likely to get even busier. The amount of shares changing hands on exchanges topped 10 billion for four days in a row through Wednesday. That compared with an average of 9 billion shares in the prior month.\nWith next week’s Fed policy meeting in sight, options traders are zooming in on near-term risk. Over the past two weeks, put options on the S&P 500 with less than one month to maturity accounted for about 15% of the total out-of-the-money put volumes, the most since the height of the coronavirus crisis in 2020, data compiled by Goldman show. Single-stock options have similarly shifted, with 71% of total volumes in short-dated maturities, expiring within two weeks.\nGoldman strategists including Rocky Fishman attribute the S&P 500’s recent low volatility to a condition where options dealers are “long gamma,” or going against the prevailing market trend. 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