Should we dwell on the acts, or the intermezzo?

Friday 12th January - Daily Equity Update

Reduce : AIG VTR HON LH XEL STT

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A whole lot of Twitter ink was spilt for a -7bps move in the SP500.

This chart shows the last 1 year of daily close-to-close price moves and direction.

This far less pretty chart shows the intra-day high-low price move. This produced a whopping 124bps of craziness.

Why is this important?

Well, I don’t know that it is.

Click for link.

It may be either the chicken or the egg in the shift to shorter and shorter expiry times on the most traded options.