The options market has just cleared one of the largest structural events of the quarter, as Friday’s OPEX saw nearly $1.4 trillion in delta notional expire for the S&P 500. Because significant positions have now rolled off from the March expiration, the market has lost an important stabilizing force just as macro pressures begin to build. […]
Archives for March 22, 2026
VIX Expiration, Oil, and the JP Morgan Collar Trade: What’s Driving the S&P 500
Market Summary The market is entering a critical window where VIX expiration, quarterly options expiration, crude oil, and the JP Morgan collar trade are all colliding at once. The core argument is simple: implied volatility remains elevated while realized volatility has stayed unusually muted, and that mismatch may not last much longer. If oil continues […]
