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Nearly $3 trillion of notional stock options expire on Friday’s open expiration (OPEX day). Over half of the OPEX volume is in S&P 500 options, with the remainder in single stock options. The...
Stocks had a volatile session, broadly finishing lower. The sharp morning sell-off on Wednesday was unexpected, though the rebound was not. The real test comes today with $44 billion in Treasury...
Markets are vulnerable to any single day of heavy selling as they have been achieving only modest gains recently. The good news, we haven't really seen that with any of the lead indices. The one...
Stocks have been resilient since the July jobs report, with interest rate cuts now not just a hope, but a legitimate expectation Jay Powell gives his annual Jackson Hole speech this Friday, the...
Shares of United Parcel Service (NYSE:UPS) are around the same price they were in March 2020, when the pandemic shut down economic activity. At the time, the global economy was decimated. In...
Fed officials get set to gather for their annual economic symposium in Jackson Hole, Wyoming. All eyes will be on Fed Chair Jerome Powell’s keynote speech on Friday. Investors will be closely...
If you’ve been following this commentary, or my free work elsewhere, you shouldn’t be entirely surprised—I’ve been telegraphing the liquidity drain hitting the S&P 500 since mid-July. To be...
Stocks finished flat, in a fairly uneventful Monday. It was the lightest volume day on the S&P 500 futures since July 3, a half-day. Just 821,000 contracts traded on Monday. There isn’t much...
The S&P 500 has powered to new heights in 2025, recently closing at a record 6,468. This leg up is driven by a potent combination of upbeat earnings revisions and a blowout second-quarter...
Since 2015, the performance of the S&P 500 has been more than double that of stocks from the Euro Stoxx 50 (FEZ) and the iShares developed markets ETF (NYSE:EFA). However, recently the tide has...
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