Below is a brief excerpt and the "Chart of the Day" from today's Early Look note written by Keith McCullough.
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In the modern era, few things have amplified what I call The Flows of The Machine more than both the introduction of super-short-term US Equities Options and their explosion to a greater than 50% share of daily options trading. As you can see in the Chart of The Day by our content partners at Tier1 Alpha (ODTE as a % of Total Volume): a. They grew to > 10% of The Flows in 2018 Do you think this has amplified the Momentum Factor in the US Stock Market? A: duh. |
