By Gareth Soloway on March 15th, 2010 6:16pm Eastern Time
The markets sold early, surged late. When the dust settled, the markets ended flat. It was a wild start to options expiration week. Options expiration week is usually the most volatile week of the month due to the games that are played by institutions. Today looked exactly like that. The markets came down quickly, as volume was mediocre at best. Once mid day hit, volume dried up. Late in the day, a few buy programs kicked in and it turned out to be a non event for the day.
What does this tell us about tomorrow? Most likely, between the economic reports at 8:30am ET and the FOMC policy statement at 2:15pm ET, there will be more volume. Generally, volume does not go hand and hand with the recent up market. However, the late day reversal does seem to give hope to the bulls for further upside. Bottom line is this, be ready for the options expiration games. You have seen it today already and will continue to see for the remainder of the week.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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