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Today and maybe even into tomorrow we will continue to see the backwash effects of Q3 options expiry. If you missed our guide to opex and why it matters, check our note from Thursday, here. Last week we saw a big run-up in the indices Thursday only for it all to sell off again, and more, on Friday. Today, we expect more volatility as market makers re-hedge their books after the large volume of derivatives expired Friday at the close. We also have FOMC coming up, so this is likely to be a week when market direction is unclear. Our resting state in staff personal accounts is likely to be, do nothing, unless there is a very good reason to do something.
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