| Index | Close | % Change |
|---|
| Dow | 33745.69 | 0.59 |
| Dow Transports | 14254.8 | 0.67 |
| Dow Utilities | 939.33 | 2.3 |
| S&P 500 | 3965.34 | 0.48 |
| Nasdaq | 11146.06 | 0.01 |
| Nasdaq 100 | 11677.02 | 0 |
| Russel 2000 | 1849.73 | 0.58 |
| VIX Index | 23.12 | -3.38 |
| 10 Year Gov't Yield | 3.83 | 1.55 |
| Spot Gold | 1750.09 | -0.59 |
| Spot Silver | 20.93 | -0.12 |
| GDX-Gold Miners | 27.37 | 0.92 |
| Crude Oil | 80.23 | -1.73 |
| Dollar Index | 107 | 0.29 |
| Euro Spot | 1.03 | -0.42 |
| Japanese 10 Year | 0.26 | 0.38 |
| Shanghai SE | 3097.24 | -0.58 |
| Long Bond 20-year | 125.38 | -0.37 |
|
Opex: Lion or Lamb?
11-18-2022The stock market indices were destined to be quite volatile today due to the unusually large dollar volume of options expiring. In fact, events did indeed play out pretty much as advertised, with the indices meandering all over the place, although not all that far from unchanged through midday. The afternoon was more of the same, and when I had to leave, with 90 minutes to go, not much had changed. (Please check the box scores to see if there were any fireworks late in the day.)
Away from stocks, green paper was a little stronger while fixed income was weaker, as were the metals, with silver down a few pennies and gold declining 0.5%. Given the metals performance, the miners were surprisingly mixed.
Expiring Minds Want to Know
Perhaps on Monday, with this expiration out of the way, we will be able to get a better feel for how much upside energy the tape still has in it. I don't have a strong view as to how long this rally can continue, I'm just kind of waiting to see how prices behave before putting on more shorts.
For what it's worth, Milton Berg, who was about 180% long coming into this week, is down to about 50% long, for various different reasons. And before anyone asks, yes, he still owns his GDX.