{"id":193763,"date":"2023-07-21T12:45:00","date_gmt":"2023-07-21T16:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=193763"},"modified":"2023-08-15T12:37:32","modified_gmt":"2023-08-15T16:37:32","slug":"monthly-expirations-2x-the-0dte-plus-ndx-rebalancing","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/monthly-expirations-2x-the-0dte-plus-ndx-rebalancing\/","title":{"rendered":"Monthly Expirations &#8211; 2X the 0DTE.\u00a0 Plus, NDX Rebalancing"},"content":{"rendered":"\n<p>Thanks to some other commitments, today\u2019s note will be a short one on a typically weighty pair of topics.<\/p>\n\n\n\n<p>First, today is a monthly options expiration.&nbsp;With the advent of weekly and now daily expiries, monthly expirations have been downgraded from \u201cdouble-witching\u201d causes for concern to seemingly just another day.&nbsp;But that is an oversimplification.&nbsp; And today, thanks to the <a href=\"https:\/\/www.nasdaq.com\/press-release\/the-nasdaq-100-index-special-rebalance-to-be-effective-july-24-2023-2023-07-07\">rebalancing of the NASDAQ 100 (NDX)<\/a>, we have the potential for some extra fireworks on the close. &nbsp;<\/p>\n\n\n\n<p>The heavy weighting of mega-cap tech stocks in NDX (and thereby QQQ) has gotten so extreme that the index can no longer be considered well-diversified.&nbsp; That is causing Nasdaq to reduce the weights of Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), Tesla (TSLA), Alphabet (GOOG\/GOOGL), Meta Platforms (META) and Apple (AAPL) within the index.&nbsp; Since the index change is effective on Monday, funds that track the index need to adjust their positions as of today\u2019s close.&nbsp;<\/p>\n\n\n\n<p>In theory, we should expect to see relatively heavy selling in those names on the close and buying in the 92 other names that will be going up in weight.&nbsp; We also might expect to see some pressure on SPY today because those stocks are all heavily weighted in the S&amp;P 500 as well.&nbsp; That said, on that basis, QQQ should underperform today.&nbsp; But nothing is a given here.<\/p>\n\n\n\n<p>As a result, we see a preponderance put buying in QQQ and the affected stocks at this point.&nbsp; We also see some marginal net call buying in some of the smaller names in NDX.&nbsp; But with markets relatively unchanged at midday, it is hard to separate the causes.<\/p>\n\n\n\n<p>Earlier today we saw some aggressive pre-market buying of ES futures.&nbsp; The aggressive run-up seemed to have the hallmarks of a 0DTE move.&nbsp; And it very well might have been that type of rally.<\/p>\n\n\n\n<p>That is thanks to an overlooked feature of monthly expirations.&nbsp; On most days, we have but one set of 0DTE options, but on monthly expirations we have two.&nbsp; A key feature of monthly expirations is that we have index options that expire on the open.&nbsp; As with all options on expiration day, those become 0DTE.&nbsp; Remember, every option becomes 0DTE on expiration, thus every options class has 0DTE options on major expiration days.&nbsp;<\/p>\n\n\n\n<p>Thus, we have the potential for a fascinating afternoon on what otherwise might have shaped up to be a sleepy mid-summer Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First, today is a monthly options expiration. 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