The Day's Festivities

What will happen today (Friday) that makes the event even more chatic than usual will be that along with the simultaneous expirations that will force some action, or the rolling over of what we refer to as "long gamma," will be the S&P Dow Jones index rebalancing event. This will occur after closing prices have settled this afternoon after the bell. This event will force ETFs such as the sector select SPDRs among others to reshuffle their allocations to individual equity positions. One of the largest re-weightings expected, that likely already started, is the into Nvidia (NVDA) and out of Apple (AAPL) trade caused by the reweighting of the Technology sector SPDR (XLK). Traders will be jockeying for position on certain names, while every portfolio manager on the street is fine tuning their exposure today. I am still long NVDA. I have exited AAPL, at least for now.