Yet Another Options Expiration "Surprise"
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Yet Another Options Expiration “Surprise”
By Karl Denninger
Since when does the SEC announce that it’s about to make an announcement – about an hour before the market closes the day before options expiration?
There’s clearly biased and then there’s ridiculous. This falls into the latter camp.
The market, was selling off. No, not hard, but it was. Then, suddenly – magically – the SEC decides to announce that it’s going to say something after the market closes.
Everyone of course assumes it’s Goldman, and soon rumors confirm it. Not that it matters – the entire market turns on a dime.
If the decision was made and the settlement approved, ok fine. But why today, one hour before the market closes, with OpEx in the morning – with a bunch of SPX Puts and Calls open at the 1100 strike with many of them “in the money” at that point in time.
Now, of course, they’re not by nearly so much.
If I’m supposed to be impressed by the timing, I’m not. It stinks to high hell, but I’m used to it. Finding something – anything – you can use to “gun the market” when it’s on the verge of breaking down has become somewhat of an art form.
