Opening The Pullback Window

Opening The Pullback Window

People finally get it. Or so it seems. Market participants are trying to front-run pullback "windows" created by the post-OpEx "unclench." That was one takeaway from the latest by Nomura's Charlie McElligott, who wrote Thursday that "clients now try to get ahead of this Dealer-driven flow and begin to de-risk" beforehand. (How clever of them.) The reference was to the options expiration cycle, and the extent to which the dynamics that can keep spot "pinned" (e.g., hedging flows which insulate
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