Can a Quadruple Witching Day Enchant Stocks?
Traders will get earnings reports from economic bellwethers FedEx (FDX), Best Buy (BBY) and Oracle (ORCL) over the next five sessions, as well as the latest inflation data, industrial production figures, some regional manufacturing numbers and more.
But what should really put some pep into the equity markets is Quadruple Witching Day on Friday. That's when four different types of equity contracts all expire on the same date.
The market has a history of putting up weekly gains when they end with Witching days, but don't mistake the tape for the trend. The midterm elections remain the next next big catalyst for the market, Valdez says, and until we're past them, plenty of money will stay on the sidelines. For more on Valdez's take from the floor of the New York Stock Exchange (NYX), see the video below (which erroneously says this Friday is a Triple Witching Day).