Options, Explorations and Why They Matter

If we had more calls positioned in the market at around 4550 to 4500, I think that the that the sell off would have been quite a bit more more tepid, so to speak. If you look at major lows over the past several years and even the past several months, you can tie them directly to major options, explorations. Once these deep in the money calls expire, if dealers are short those calls versus long stock, once those calls expire, the dealers aren't short calls anymore, but they have all this long stock they don't need. So the January low was the Monday after options expiration. You saw the same thing in March of 2020. The COVID