Daily Market Update
with JJ Kinahan

5 min read

Quadruple Witching Friday Could Add Volatility, Retail Remains in Focus

(Friday Market Open) The Dow Jones Industrial Average ($DJI) looks to be set to have its first up week in three weeks despite the major stock indices futures contracts trading slightly negative Friday morning. The S&P 500 (SPX) has been lower seven of the nine previous trading sessions. Despite a relatively volatile week, the major indices didn’t move much from Monday to Friday.

However, today could be interesting from a volatility point of view given that it is “quadruple witching”, the Friday each quarter when contracts for stock index futures, stock index options, stock options, and single-stock futures all expire. The CBOE Market Volatility Index (VIX) is slightly off its lows and VIX futures (/VX) are relatively unchanged in pre-market trading.

We could see choppy trading especially around the open and close so you might want to exercise some caution if you plan on trading today. Coming off a volatile week, many traders may have already closed out of their positions which could actually reduce Friday’s volatility between the open and close. Traders that still have options contracts may need to clean up their positions to avoid pin risk.

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