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One Is Definitely The Tail And One Is Definitely The Dog. Probably.
Every year the CBOE publishes its options expiry (“opex”) calendar and it's worth having nearby to take the temperature of equity markets in the context of the options cycle. You can find it at this link and below.
This coming Friday, 21 July, is the monthly expiry date for equity, equity index, ETF and ETN options. This means that all the big stocks and ETFs - your MSFTs, QQQs, SPYs and so forth - are right now subject to significant forces exerted by the options market. You can read about that in more detail in today’s Inner Circle - Market On Open note, here - the stuff before the paywall covers it, and if you want to see how we think markets will react in the short term, you’ll find that after the paywall.
For now let’s look at the longer term trends here at Market Insight, for our paying members only.