For at least the last 6 months, the bias in all but one occasion (August) for heading into options expiration (3rd Friday of each month) has been bullish, serving to roast the put holders. Will November be more of the same or another outlier such as we had in August just before the meltdown? Horizontal lines on this daily chart mark the OpEx days, with next the November standard options expiring at the end of trading next Friday.

QQQ OpEx Market Ramps Nov 13th

QQQ OpEx Market Ramps Nov 13th

 

Personally, I'm going against the grain on this one, betting the Q's will have moved substantially lower from here by the end of next week by sitting tight on my short position although I'm eager to see whether or not the bulls step in to buy this gap backfill, which we probably won't know until the end of trading on Monday. Again, I continue to favor on a minor reaction here at the bottom of the gap with continue selling next week & as such, remain short but won't add any short exposure until I see how the markets trade early next week.