With Wednesday's FOMC data fully digested yesterday, today was the first of the four Quadruple Witching days of 2015, as the volume on the first two charts below illustrate. The S&P 500 rallied from the open, hitting its 1.18% intraday high in the early afternoon. It then drifted lower to its 0.90% closing gain, which puts the index a mere 0.44% from its record close on the first market day of March.
The yield on the 10-year Note dropped 5 bps to close at 1.93%. It is 20 bps below its close on Friday of last week
The Dollar is well off its interim high on Monday, and West Texas Crude is off its interim low on Tuesday. It will be interesting to see if their respective reversals have any resilience next week.
Here is a 15-minute chart of the past five sessions.
Today's volume reflected the options expirations trade.
A Perspective on Drawdowns
Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.
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