I’m watching C — higher for longer. Even if we don’t see another hike soon, rates staying elevated can still put pressure on valuations and keep volatility high. For me, the key is whether inflation cools enough to give the Fed room to ease without reigniting price pressures.
Indexes Flat, But Where Were the Gains?
Friday was quarterly triple witching - index futures, index options and single-stock options expiring at once. The index barely moved: QQQ +0.63% to $721.45, SPY roughly flat at $761.69. Underneath, it split. The Philadelphia Semiconductor Index rose nearly 3% while the megacaps went the other way: Meta -2.43% to $665.75 on no company news, Oracle -1.98% to $147.61, handing back a third of Thursday's 5.19%, Apple -0.26% to $336.13. On an expiry day the index print is part mechanics, not all opinion. The split underneath is what traded. Does a flat tape on triple witching tell you anything?
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