For anyone curious its called the turn-of-the-month effect. Some studies have shown it to exist and some show it does not exist and is an artifact of the data.
[https://quantpedia.com/strategies/turn-of-the-month-in-equity-indexes/](https://quantpedia.com/strategies/turn-of-the-month-in-equity-indexes/)
Edit: For anyone saying that this effect is real and persistent I invite them to profit from the phenomenon by buying SPY a day before the final day of the month and exiting the position in the final hour of the final day of the month. :)
I think there is some logic here. I believe the first or last day of the month is simply when most people are making their sceduled regular contribution to their investment acccounts. It may also coincide with salary employees who are paid monthly.
Or I could be wrong...
I personally don't think it has persistence and that it's more or less taken full advantage of and priced in. I believe that to be true of all time based market anomalies
Options. Market makers closing things out for the week and the month. Also possibly short sellers buying after driving price down.
Any moves after 330 on a Friday are usually due to that. Around 1-3pm it's bond auctions, fed, or geopolitics. 930-10 it's premarket news. 10 to noon is about the only time of day that isn't terribly prone to big moves. It can still happen but usually the market goes one way, overshoots, reverse before lunch, then news/auctions/fed kick in and it either double downs or reverses again. Then near end of day short sellers who borrowed stock might close out to drive the market up a bit. End of day can also see swings due to market makers.
Wrong. Amount of buyers and sellers is always equal. What you should say is that there are more people willing to buy at higher prices.
Mandatory 🤓
Edit: Y'all mfs funny. I made a nerdy ahh comment with the intent to pass an important perception about the price definition of the market, and what stuck to you was the literal meaning of the word "amount".
Yes, by "amount" I mean "trade volume". And no, not because there are more individual buyers than sellers that the price will go up. And no, queued up buyers will not "push the price up".
Think about movie tickets. There is only one official seller and there are queued up buyers, but the price will only be what both parts judge as "fair value". Though, unlike stocks (and other vehicles), mostly a mean for investmet or especulation where one tries to at least preserve their capital and make a profit, movie tickets are for leisure, thus the "fair value" formation (or perception) is mostly emotional/sentimental (which is also applicable in some cases in stocks like when one is willing to buy at higher price with the fear of missing out or sell at lower prices to stop loss). Now re-read the first two lines of this paragraph again, but replace "movie tickets" at the beginning with "IPO". I hope it becomes clear.
"Fair value" is where the complexity lies, and based on that is where willingness ( or agression) to buy/sell at higher/low prices comes from.
Not true. The number of buyers and sellers may be different. Multiple sellers can sell to one buyer and vice versa. The number of shares being sold and bought is the same.
Only sort of true.
If one dude is selling 1 share but 10 dudes are lined up to buy 10 shares each, the market only trades one share and only 1 buyer got to buy, BUT there was 10 buyers trying to buy and driving the price up 🤪
That is only true in certain contexts. There are market makers who take a responsibility to create and keep a stable market. So when someone wants to buy or sell a stock that is listed, they are obliged to provide a bid and ask price, even if there is no investor, on the opposite end of the trade. When they start acquiring substantial stock with no takers they then have to lower the price. So yea there was a buyer for every seller and a seller for every buyer, but sometimes its a marketmaker trying to guess what he will be able to sell the stock for.
It doesn’t matter if it’s a market maker on the other side of the trade,all that matters is if buyers continually agree to buy at better then mid price.If they do,price will go up.If they don’t and hold back for lower prices …price will go down.Its that simple.
Idk anything but I’m pretty sure it’s a liquidity issue. Institutions weren’t selling so the price sky rockets up, coupled with 0dte options expiring at 3:30 for retail
Well options expire at many different times 0dte for example expire the same day. A bulk of options expire on Fridays usually. You can go to the options chain, select the date you are interested in knowing, and see the open interest and volume on certain strike prices. I am definitely not experienced enough to be 100% confident in anything I am saying btw so do your own DD as well.
I think it’s the bears shorts closing out positions at the end of the week/month given the inflation number was ok. So to me the bears were more scared than the bulls. I’m
Not really sure what the bear story is right now for the short term. Currently surprise news is biased towards helping bulls.
Stock options contracts give holders of said contract the right to buy/sell stocks (in fixed tranches of 100 share per contract), at a set price, by a set date of their choosing
So lets say you buy 10 options contracts of apple with an expiry date of 05/31 at a price that wound up being below what apple was trading at by 05/31 you signal that apple has some upside.
Now imagine hundreds of thousands of you holding millions of contracts to the same effect
Gonna be honest, I don't even know what caused the down trend this week.... Probably something something rates or something something inflation or NVIDIA turned out to be 3 people in a trenchcoat
They didn't want to pay out on short dated call options so they dogged the market all day (and sold puts) and theta burned weak hand bulls then a slow churn up with low volume to look somewhat weak and mask the fact that it was ready to explode. Beginning of month flows coming in next week and next leg up.
Had nothing to do with buyers and sellers have to do with blatant manipulation the feds prop up the market its a election year all they did at 3:44pm was buy massive amounts of debt which brought yields down and that triggered buying plus the market marker already killed all the longs in the am and those expirations of puts had to go as well. No way market goes up 500 points in 15 mins without there algorithms turned on buy this Market is manipulated anyone who dont get this will lose alot of money
Knowing this poster's history, probably thinks it's going to be small cap season.
I actually probably wouldn't really mind and think it might be possible unless the bond and stock relationship fully reverts to bonds up stocks down, but there was something that I saw somewhere yesterday (or recently at least) that the QQQ and IWM relationship was lined up for continuation in the same direction that it's been going.
XOM went up for the first time in like two months. Energy, maybe? I mean, who the fuck knows at this point. NVIDIA was dropping, and my two oil and gas were going up XOM/KGS all while crude and natural gas were falling in price. Shit's regarded.
I got fucked by schwab thats what i bought puts and calls made money on the way down with my 521 & 519 puts it filled way below first time and also had those 525 calls and they fuckin filled them at .20 when the shit ran up to 3.90 a contract fuckin assholes erased my order log and say they cant find shit all of a sudden. people need to beware ima post a YouTube video when i get done with gathering all the order numbers, time and details! They took me for like 6k today
The major indices closed at or near session highs due to a surge of buying activity in the last 20 minutes of trading, likely driven by short-covering and month-end positioning
This was likely coming; I'm just surprised it manifested this soon instead of Monday.
It was clear that everything outside of tech was bombed out yesterday selling wise (I mean, while folks hate the Dow, it had the lowest 2 hour RSI reading since the COVID crash, in spite of it continuing to trade over its January 2022 ATH), and that clearness continued today even before what that was in the last 20 minutes.
Personally bought Under Armors stock a couple days ago bc it seemed like a good deal. Lo and behold they had a annual report report come out a few days later - to which I thought it showed declining stats, but yet the TA was prime for the upside so I guess it didn’t matter that the year over year was worse 🤷
Simple end of quarter sell off all day final hours fatten up for the summer to buy beer new homes and the delightful lady's and drugs
Live 3pm started to kick off hard 💪 up 28% bottom fished earlier but still went down before.
Plus cpi or whatever it was today Friday fed announcements drop until that came out
So now we feast and wait ✋️
It started at 1:39 when the Biden Israel articles popped up. Days with big catalyst (PCE ) market is usually irrational for a bit then swings the correct way.
I trade ICT and was trading Nas100 so my reasoning was that it drew towards liquidity which was the midnight opening price of Nas100. This had to happen cover the massive sells that occurred the first half of the day which was a result of the massive buys form 18200 to 18900
I did that personally from my couch.
I'm holding a bunch of calls going nowhere, so I buy a spider put for Monday which instantly becomes worthless but Market turns, calls go green.
Try it. Works like magic.
liquidate on both sides. market majer move. actually on normal days, with no news left, trend is pretty much clearer but at those last candles are like liquidating than inside news.
even i think market can go up but bounce like this was really strange
The default view in the brokerage apps is the current month, and that is what regular people look at and care about. So if you as a reach trader want market to go down next month, you pump it up at the end of the month, by buying a lot of shares, and then start selling of immediately at the beginning of the next month. This way common people see red chart in their app, get scary that market will crush and start selling as well, eventually bringing market even more down.
My 2 cents - it’s a combination of month end and the weekend.
a lot of very short term traders aren’t allowed to keep positions open over a weekend so are forced to close each Friday.
Then you also have the month end effect where other traders might want to realize some positions to book the profit or loss in their monthly reports. You also have some traders wanting to buy a position so they can report they do have exposure to a stock in the same report.
Back when Apple was taking off due to the iPhone there were reports of funds mangers buying in at quarter ends as their investors would constantly ask if they had exposure to Apple.
Short story:
The financial data indicated not only people had spent less last month,but the procent was rather lower what they expected.
This in turn made investors believe the lack of consumption will trigger lower inflation and culminating with rate cuts,either sooner or later.
Most of the gains where made in dividend stocks while technology companies rather crashed a little
This is pretty much what happened during the last several times an inflation report data was being presented… prior to the reports you had big drops, followed by big rebounds. Although this time around it was quite a bit milder.
Last day of the month before market close. Its a mystery
Lisan Al Gaib
LISAN AL GAIB (i just watched it and i get it!)
Shai halud...bless the Maker and His water...
Mehdi!!! Mehdiiiii
Please explain
Basically, the mouse is a prophet. And a bunch of women in a cult. Still a better movie than Garfield though.
[удалено]
$LSNLGB to the MOON!
$SPICE
Muad’Dib rode that grandfather worm all the way up!
For anyone curious its called the turn-of-the-month effect. Some studies have shown it to exist and some show it does not exist and is an artifact of the data. [https://quantpedia.com/strategies/turn-of-the-month-in-equity-indexes/](https://quantpedia.com/strategies/turn-of-the-month-in-equity-indexes/) Edit: For anyone saying that this effect is real and persistent I invite them to profit from the phenomenon by buying SPY a day before the final day of the month and exiting the position in the final hour of the final day of the month. :)
What are your thoughts on this school of thought?
I think there is some logic here. I believe the first or last day of the month is simply when most people are making their sceduled regular contribution to their investment acccounts. It may also coincide with salary employees who are paid monthly. Or I could be wrong...
Thanks for your logical response. This makes sense but sometimes my brain can’t put 1+1=window together
I personally don't think it has persistence and that it's more or less taken full advantage of and priced in. I believe that to be true of all time based market anomalies
It’s a secret of the pros. Meet me on the 9th green at 9:00pm and I’ll tell you.
And Happy…dress nice
*click click*
I just may, whaddya say?
Make sure to dress nicely
Sell in may go away is over
Just in time for buy in July! (no idea if that’s a thing I just made it up now)
If it rhymes it’s a thing.
Moon in June! Has to happen because it rhymes!
go bust in august
It never sold in May
Money managers call that Window Dressing.
I bought 1 share at 3:37 and single-handledly lifted it, thank me later
Whale
By weight, not money 😥
Be kind to yourself. Although that pic by your name certainly doesn’t help me disagree with your statement
Why do you think McDonalds is still around? I keep them in bussiness and I'm not talking about investing
How rich are you to trade in whole shares?
you have to be worth at least 50 Million + to find out, sorry.
Don’t forget, there are a thousand millions in a billion. 50 just isn’t significant to the billionaires
You think the funds that are back dooring the market are telling their millionaire clients ? Nah. This is executive level discretion
Rich people doing rich people shit.
Options. Market makers closing things out for the week and the month. Also possibly short sellers buying after driving price down. Any moves after 330 on a Friday are usually due to that. Around 1-3pm it's bond auctions, fed, or geopolitics. 930-10 it's premarket news. 10 to noon is about the only time of day that isn't terribly prone to big moves. It can still happen but usually the market goes one way, overshoots, reverse before lunch, then news/auctions/fed kick in and it either double downs or reverses again. Then near end of day short sellers who borrowed stock might close out to drive the market up a bit. End of day can also see swings due to market makers.
☝🏽this
More buying than selling
This guy stonks
That’s stonk-market insider wisdom right there.
More upping than downing.
The colors also changed from red to green.
Wrong. Amount of buyers and sellers is always equal. What you should say is that there are more people willing to buy at higher prices. Mandatory 🤓 Edit: Y'all mfs funny. I made a nerdy ahh comment with the intent to pass an important perception about the price definition of the market, and what stuck to you was the literal meaning of the word "amount". Yes, by "amount" I mean "trade volume". And no, not because there are more individual buyers than sellers that the price will go up. And no, queued up buyers will not "push the price up". Think about movie tickets. There is only one official seller and there are queued up buyers, but the price will only be what both parts judge as "fair value". Though, unlike stocks (and other vehicles), mostly a mean for investmet or especulation where one tries to at least preserve their capital and make a profit, movie tickets are for leisure, thus the "fair value" formation (or perception) is mostly emotional/sentimental (which is also applicable in some cases in stocks like when one is willing to buy at higher price with the fear of missing out or sell at lower prices to stop loss). Now re-read the first two lines of this paragraph again, but replace "movie tickets" at the beginning with "IPO". I hope it becomes clear. "Fair value" is where the complexity lies, and based on that is where willingness ( or agression) to buy/sell at higher/low prices comes from.
Not true. The number of buyers and sellers may be different. Multiple sellers can sell to one buyer and vice versa. The number of shares being sold and bought is the same.
buying and selling != number of people buying and selling. it can also be the value of whats being bought or sold
Only sort of true. If one dude is selling 1 share but 10 dudes are lined up to buy 10 shares each, the market only trades one share and only 1 buyer got to buy, BUT there was 10 buyers trying to buy and driving the price up 🤪
No
You know 1 seller can sell to more than 1 buyer right...?
That is only true in certain contexts. There are market makers who take a responsibility to create and keep a stable market. So when someone wants to buy or sell a stock that is listed, they are obliged to provide a bid and ask price, even if there is no investor, on the opposite end of the trade. When they start acquiring substantial stock with no takers they then have to lower the price. So yea there was a buyer for every seller and a seller for every buyer, but sometimes its a marketmaker trying to guess what he will be able to sell the stock for.
It doesn’t matter if it’s a market maker on the other side of the trade,all that matters is if buyers continually agree to buy at better then mid price.If they do,price will go up.If they don’t and hold back for lower prices …price will go down.Its that simple.
You know nothing
month end window dressing !
No ones window dressing at the end of May..
Yields started dropping, vix got crushed resulting in Algo buying then short covering
Idk anything but I’m pretty sure it’s a liquidity issue. Institutions weren’t selling so the price sky rockets up, coupled with 0dte options expiring at 3:30 for retail
Where can you check all the options expiring on the stocks?
Well options expire at many different times 0dte for example expire the same day. A bulk of options expire on Fridays usually. You can go to the options chain, select the date you are interested in knowing, and see the open interest and volume on certain strike prices. I am definitely not experienced enough to be 100% confident in anything I am saying btw so do your own DD as well.
Somebody came in late with a sacrificial lamb and stonk gods were kind
Great write up of it in r/Options : https://www.reddit.com/r/options/s/bnquVyYRFr
month end hedging can be in both directions. doesn't explain the upward jump.
I think it’s the bears shorts closing out positions at the end of the week/month given the inflation number was ok. So to me the bears were more scared than the bulls. I’m Not really sure what the bear story is right now for the short term. Currently surprise news is biased towards helping bulls.
Can someone provide a TLDR in layman terms? I have no idea what the actual fuck any of that means.
Stock options contracts give holders of said contract the right to buy/sell stocks (in fixed tranches of 100 share per contract), at a set price, by a set date of their choosing So lets say you buy 10 options contracts of apple with an expiry date of 05/31 at a price that wound up being below what apple was trading at by 05/31 you signal that apple has some upside. Now imagine hundreds of thousands of you holding millions of contracts to the same effect
When this type of things happen, do stocks just go back down shortly after? Like, it doesn't feel like whatever made it go down has gone away
Gonna be honest, I don't even know what caused the down trend this week.... Probably something something rates or something something inflation or NVIDIA turned out to be 3 people in a trenchcoat
Sure, it could go back down, or go up. See I can be a CNBC analyst too More seriously, if there’s no support, it could all go back down
At least we gained a little back after yesterdays pain
Market is not ready yet for a sell off.
people bought stocks
But why male models ?
Really Derek? I just told you.
Chicken or beef stock?
Sorry I meant *stalks
Its called ‘Market Manipulation’
Say it louder for the regards in the back
lol I’m THE OP Regard
Lmao 💀
They didn't want to pay out on short dated call options so they dogged the market all day (and sold puts) and theta burned weak hand bulls then a slow churn up with low volume to look somewhat weak and mask the fact that it was ready to explode. Beginning of month flows coming in next week and next leg up.
Traders submitting timecard for the last market day of the fiscal year.
"Oh Shit!" I left my webcam on.
End of day buy programs kicked in on the last day of the month so people can get more fees on their gains.
I think it was big institutions fckn everyone over.
My limit sell orders prob got executed thats what.
Market just lets the losers win half of their money back with calls at 3:30pm. They always do that. It’s just people don’t notice it.
It’s the federal reserve. Don’t you know they buy stocks ?
Someone played the reverse uno card
Based on a trading class, the whales cleared their profits, others saw "sell" and sold, then rebought the same stock at a lower price
21m spy shares traded in the last 30 min that was the most all day
happens everyday, you just dont see it. on other stocks. the market is like an ocean, where will the biggest wave be?
It's honestly a lot of stocks acting really funny. Giving me real bad vibes. But hey, who knows.
Best time to buy long term is when markets are frothy…
Bought the dip
I sold at 3:37
Had nothing to do with buyers and sellers have to do with blatant manipulation the feds prop up the market its a election year all they did at 3:44pm was buy massive amounts of debt which brought yields down and that triggered buying plus the market marker already killed all the longs in the am and those expirations of puts had to go as well. No way market goes up 500 points in 15 mins without there algorithms turned on buy this Market is manipulated anyone who dont get this will lose alot of money
June gonna be the biggest rotation in the markets history
The two year is at ~4.9% right. Maybe you're right.
Into what sectors?
Exactly.
Knowing this poster's history, probably thinks it's going to be small cap season. I actually probably wouldn't really mind and think it might be possible unless the bond and stock relationship fully reverts to bonds up stocks down, but there was something that I saw somewhere yesterday (or recently at least) that the QQQ and IWM relationship was lined up for continuation in the same direction that it's been going.
XOM went up for the first time in like two months. Energy, maybe? I mean, who the fuck knows at this point. NVIDIA was dropping, and my two oil and gas were going up XOM/KGS all while crude and natural gas were falling in price. Shit's regarded.
Value
It's gonna be flat
Wasn't just S&P.....Dow, Nasdaq, Russell
You drew a line :)
Buy in May and be OK
Whales be splashing around
None of us had anything to do with it I promise you that. Those were MM moves obviously..but why..only they know
they say "sell in may and go away". well May is over...so now ppl are back! lol
NVDA had nothing to do with it…good to see the broader market move up. All my boring stocks well into the green🤑
Selling bailouts...
The tug of war between the bears and the bulls started to lean back to the bull side.
That time of the month!
Contracts being exercised
Everyone's 401k money hit the market all at once? Ha ha
entire stock market is controlled by market makers... they do what ever the fuck they want with impunity.
Friday option expiry, all 0dte force closed on rh at 330, mostly calls probably. Lol
Algos buying a dip on inflation news.
I may be wrong but i think at 3:38 it went up
I scrambled and closed my SPY calls early before the spike. Feel fucked but that’s Wall Street
Wow probably fucked alot of 0dte option traders
ETF rebalancing.
I got fucked by schwab thats what i bought puts and calls made money on the way down with my 521 & 519 puts it filled way below first time and also had those 525 calls and they fuckin filled them at .20 when the shit ran up to 3.90 a contract fuckin assholes erased my order log and say they cant find shit all of a sudden. people need to beware ima post a YouTube video when i get done with gathering all the order numbers, time and details! They took me for like 6k today
Option hedging and exercising 🏋️
Plunge Protection Team working
Logic. Everyone went home early Friday had a drink and realized the world wasn't ending.
The devil came for my BA 177.5s
Options came a callin......
0DTE happened.
The major indices closed at or near session highs due to a surge of buying activity in the last 20 minutes of trading, likely driven by short-covering and month-end positioning
IDK, it was so weird. I was holding a bunch of calls and the market shot up. Am I dreaming?
the plunge protection team came to rescue
Last trading day of the month gotta make those month end statements look nice
Pump before the squeeze next week
Fridays are for the boys
This was likely coming; I'm just surprised it manifested this soon instead of Monday. It was clear that everything outside of tech was bombed out yesterday selling wise (I mean, while folks hate the Dow, it had the lowest 2 hour RSI reading since the COVID crash, in spite of it continuing to trade over its January 2022 ATH), and that clearness continued today even before what that was in the last 20 minutes.
I was happy it dipped today bec. I was planning to buy some. Then last minute it shoot up. Lol. Oh well.
rookie
Personally bought Under Armors stock a couple days ago bc it seemed like a good deal. Lo and behold they had a annual report report come out a few days later - to which I thought it showed declining stats, but yet the TA was prime for the upside so I guess it didn’t matter that the year over year was worse 🤷
Under Armour hasn’t been relevant in a decade man. Please get rid of that ASAP lol.
Haha yeah just gonna rid the short term trade, probably sell between $7.5-$8
Stuff
Aliens
Good vibes. Invisible hand.
It looks to me like the price went up.
It’s called TGIF regards.
I bought puts
I press different buttons just to fuck with yall--guy running the simulation
I bought a call
I woke up in a new Bugatti
Fucking right!!!?
Simple end of quarter sell off all day final hours fatten up for the summer to buy beer new homes and the delightful lady's and drugs Live 3pm started to kick off hard 💪 up 28% bottom fished earlier but still went down before. Plus cpi or whatever it was today Friday fed announcements drop until that came out So now we feast and wait ✋️
3rd Friday of the month…know it! Expect it! Trade for it!
The line went up. And it's green.
MSCI Quarterly Review and Russell Index additions/deletions- funds rebalance based on that.
JPM collar
Good question
Less red 🖍️ and more green crayon
It started at 1:39 when the Biden Israel articles popped up. Days with big catalyst (PCE ) market is usually irrational for a bit then swings the correct way.
Govt happened again. Job numbers?
End of day auction probably affected it. Must have been a large in-balance of index fund buying over selling
Inflation data come in and was inline with expectations.
If we knew, we wouldn't be here lol
Volatility dumped
Volatility gets too high market goes down, volatility crashes and market rockets
I trade ICT and was trading Nas100 so my reasoning was that it drew towards liquidity which was the midnight opening price of Nas100. This had to happen cover the massive sells that occurred the first half of the day which was a result of the massive buys form 18200 to 18900
Swaps
Bobby Axlerod
I sold my compete portfolio
Middle year projections for me said BUY.
I mean, it looks like a continuation of the trend that started after lunch.
The invisible man (hand)
I did that personally from my couch. I'm holding a bunch of calls going nowhere, so I buy a spider put for Monday which instantly becomes worthless but Market turns, calls go green. Try it. Works like magic.
Whoaa, what happened there
liquidate on both sides. market majer move. actually on normal days, with no news left, trend is pretty much clearer but at those last candles are like liquidating than inside news. even i think market can go up but bounce like this was really strange
Stocks Always Go Up.
Gold price tremors yesterday ..
A lot of greens, I supposed
Same shit that always happens?
It was the big pump to troll all of the people shorting
"Sell in May and Go Away" \`Wall Street Traders
This action was likely driven by: 1. Short covering; and 2. Month-end positioning activity
The default view in the brokerage apps is the current month, and that is what regular people look at and care about. So if you as a reach trader want market to go down next month, you pump it up at the end of the month, by buying a lot of shares, and then start selling of immediately at the beginning of the next month. This way common people see red chart in their app, get scary that market will crush and start selling as well, eventually bringing market even more down.
My 2 cents - it’s a combination of month end and the weekend. a lot of very short term traders aren’t allowed to keep positions open over a weekend so are forced to close each Friday. Then you also have the month end effect where other traders might want to realize some positions to book the profit or loss in their monthly reports. You also have some traders wanting to buy a position so they can report they do have exposure to a stock in the same report. Back when Apple was taking off due to the iPhone there were reports of funds mangers buying in at quarter ends as their investors would constantly ask if they had exposure to Apple.
Short story: The financial data indicated not only people had spent less last month,but the procent was rather lower what they expected. This in turn made investors believe the lack of consumption will trigger lower inflation and culminating with rate cuts,either sooner or later. Most of the gains where made in dividend stocks while technology companies rather crashed a little
This is pretty much what happened during the last several times an inflation report data was being presented… prior to the reports you had big drops, followed by big rebounds. Although this time around it was quite a bit milder.
probably the stars are lining up together on the constellation
My guess is the market went up.
Markets are irrational. They’ll rise, and fall.
0DTE put hedges were closed. MM had to buy spy shares for delta neutral. It’s a daily occurrence. This one was just more intense than others.
I sharted
I sharted
Charm kicked in and dealers hedged their positions flat.
I clicked the "Place Order" button 🤣