March 18, 2022
Good morning,
It is a light note this morning, It is another quarterly expiration day today, with a panoply of exercises across single-name and index derivatives providing plenty of reasons for hedging flows and erratic price action. As is customary, we don’t assign much weight or draw any conclusions from what we see unfolding on triple witching days.
The S&P 500 is up 6% from its lows on a rebound rally. Let’s get through today’s concerns around China throwing in with Putin, which has the market off a half a percent pre-open, and give the rally a chance to extend into next week. Have a good weekend.
Be well,
Mike