Record 0DTE Volume in 2025 Has Changed the Game We wrapped up 2025 with the S&P 500 up 18% for the year—a solid result in the face of tariff headlines, global conflicts, and inflation concerns. One of the major options market stories of the past year has been the growing role of 0DTE options: same-day expiration […]
spotgamma weekly
Subdued Volatility and the Setup Into Year-End
Subdued Vol Meets Negative Gamma Weakness in AI-related stocks dominated market headlines last week, most notably for Oracle and Broadcom. This pushed the market downward, before the rebound on Thursday and Friday. Despite the market trending down for three consecutive days, implied volatility remained surprisingly subdued: put skew remained average, and ATM implied volatility sat […]
FOMC Reset: Vol Crushes, Stocks Lift Higher
Last week began with quiet anticipation of Wednesday’s FOMC. When the Fed announced the 25 basis point rate cut and Treasury bill purchases, the reaction was immediate. Equities surged, with the SPX breaking out above our 6,845 Volatility Trigger to approach all-time-highs near the 6,900 resistance level. The options market had priced in meaningful event-related volatility surrounding FOMC, and […]
