Continuing the theme of my most recent post, here is an examilation of SPY's price action into weekly options expiration. Today's price action in the popular ETF
is quite understandable if you look at it from a derivatives perspective. Since the advent of weekly expiration options, one can get a reasonable idea of where institutions want prices to end up at 11:00 AM pst three out of the four Friday's of each month (monthly expiration has a game plan of its own). Today, SPY
finished at exactly $186.99 on the 11AM bar... As with USO's action, do you think SPY's action was a mere coincidence???
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