In the past, I've highlighted the tendency for the stock market to rally in the final days leading up to expiration for the standard equity & index options contracts, which falls on the 3rd Friday of every month. I've also mentioned how the rare exceptions over the last year or so in which the market did not rally during the final days leading up to OpEx were the two instances immediately following a top in the market after a strong advance. The logic behind this, or at least my best guess as to why the OpEx ramp didn't occur in those two instances is most likely to the excessive bullishness that comes after a strong advance, hence, there were likely more call buyer to be "roasted" than put buyer following those extended rallies.
Another OpEx Ramp?
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