DJX Nov expiry gets another record, Dec back to normal? Today’s Ratio Rollover Table, levels and comment.

DJX Nov to Dec Ratio Rollover Table 15th Nov 2018



The DJX Nov expiry continues to write the record books, but for better or worse we just don’t know.

The knee-jerk reaction is always that something different is bad, so even trying to avoid this preconception we are still left with a real sense of unease at all this, mainly due to the unnaturalness of it all.

Anyway, as one of the biggest expiry’s by sheer volume, especially so as it is just an intermediary, and yet one of the smallest by number of strikes, it is now the proud owner of another record, that of having the widest ever zone.

2000-points is crazy, but as we say we just interpret what the numbers say, so the zone is what the zone is, and never having seen this before any conclusion as to what it might mean is as valid as ours.

Explains the 2% daily moves though, whether it is end of day or the trading range, and, in fact, under these circumstances that is very tame as it could as easily be 3% to 5% or more.


Range:            24500  to  26500     

Activity:          Very poor

Type:               Not bearish



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Now, normally the “mighty” Dec would tower over all those that came before it, but as things stand at the moment it is cowering in the shadow of Nov, being less than 30%.

To put this into perspective the SPX Dec expiry is already twice the size of Nov, and don’t forget one hasn’t even started being the alpha, whereas the other is coming to the end of being it, which of course significantly affects activity.

However, it is nice to see the return of the more normal 200-point zone, but as this has been the standard for ever, now this index is way past the 20000 mark, maybe a zone of less than 1% is the new unnatural aspect?


Range:           24900  to  25100 

Activity:         Average

Type:              Neutral



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November 15th, 2018 by