December 19, 2025 7:13am

Quadruple witching involves the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures, occurring 4-X a year.

More than $7.1 trillion in notional options exposure is set to expire, including roughly $5 trillion tied to the S&P 500 index and $880 billion linked to single stocks <Goldman>

As I have written; “It's been a good clue to be reducing “some” exposures, exiting some also-rans or questionable data delays”

Never leave retail investor uninformed … I say what others won’t, so you can do what others can’t! 

Cover as needed ...

Thursday’s RMi Closing Bell: Sector heats as econs cool …. https://www.regmedinvestors.com/articles/14236

RMi Research Note: Capricor Therapeutics (CAPR) I am NOT the ONLY dissenter … https://www.regmedinvestors.com/articles/14233

 

Friday: The pre-open Dow futures are DOWN -0.03% or (-15 points), the S&P futures are UP +0.18% or (+12 points) and the Nasdaq futures are UP +0.32% or (+81 points)

  • Stock futures are struggling buoyed by “cool” inflation data and “witching” Friday 12/19
  • European markets are lower,
  • Asia Pacific markets trading positive.

 

Economic data reporting: existing home sales data and the University of Michigan's inflation-expectations survey

 

Henry’omics: We need to more than consider the market’s setting to grasp the micro re “our” universe of cell and gene therapy companies

  • Thursday: The Dow closed UP +65.88 points or +0.14%, the S&P closed UP +53.34 points or +0.79% while the Nasdaq closed UP +313.038 points or +1.38%
  • Wednesday: The Dow closed DOWN -228.29 points or -0.47%, the S&P closed DOWN -78.75 points or -1.16% while the Nasdaq closed DOWN -418.139 points or -1.81%
  • Tuesday: The Dow closed DOWN -302.30 points or -0.62%, the S&P closed DOWN -16.25 points or -0.24 % while the Nasdaq closed UP +54.049 points or +0.23%
  • Monday: The Dow closed DOWN -41.31 points or -0.09%, the S&P closed DOWN -10.90 points or -0.16 % while the Nasdaq closed DOWN -137.757 points or -0.59%
  • Last week: The S&P 500 is down -0.6%, the Dow is up +1% and the Nasdaq was -1.6%.
  • The previous week: The S&P 500 is up +0.3%, the Dow +0.5% and the Nasdaq was up +0.9%.
  • November ended: the S&P 500 and Dow were slightly higher, as the Nasdaq fell 2%,

 

Q4 – December, 5 positive and 9 negative closes

  • November, 1 holiday, 8 positive and 11 negative sessions
  • October, 1 neutral, 10 positive and 12 negative closes

 

Companies in my headlights – It’s your decision; I provide ideas and context

I post about “indication intelligence” looking toward investment conferences … to assist investors with insight into sector vulnerabilities and strengths.  A dictionary definition of “indicate” refers to something less than a certainty; an indication could be a signal of being oversold or overbought, a recommendation, or grounds for inferring or a basis for believing.

  • I am resisting and restricting my comments, not seeing or feeling althou the "cover" is about to happen to the upside!

 

 

The BOTTOM LINE: options on 4-types of securities are set to expire on the same day

  • The broader market could have heightened volumes and volatility, some individual stocks with large open interest could see a different scenario.
  • If options traders who hedge their positions are sitting on a large amount of at-the-money options, the activity tied to those contracts expiring can actually calm price swings rather than intensify them.
  • Options that are “at the money” have strike prices that are equal to the current price of the underlying asset. <Investopedia>

 

Welcome to my world of defining the “grey’ in our universe!

  • With a downside end-of-month and year rotation and rebalance, In the last of December and 2025, it means investors have to be careful of slippage targets.

 

3rd week of December:

  • 12/18 – Thursday closed positive with 22 positive, 16 negative and 2 flats
  • 12/17 – Wednesday closed negative with 12 positive, 26 negative and 2 flats
  • 12/16- Tuesday closed negative with 17 positive, 21 negative and 2 flats
  • 12/15 – Monday closed negative with 15 positive, 23 negative and 2 flats

2nd week:

  • 12/12 – Friday closed negative with 12 positive, 26 negative and 2 flats
  • 12/11 – Thursday closed negative with 18 positive, 19 negative and 3 flats
  • 12/10 – Wednesday closed positive with 24 positive, 12 negative and 4 flats
  • 12/9 - Tuesday closed negative with 10 positive, 27 negative and 3 flats
  • 12/8 - Monday closed positive with 22 positive, 16 negative and 2 flat

1st week:

  • 12/5 – Friday closed negative with 13 positive, 26 negative and 1 flat
  • 12/4 – Thursday closed positive with 26 positive, 12 negative and 2 flats
  • 12/3 – Wednesday closed positive with 35 positive, 4 negative and 1 flat
  • 12/2 - Tuesday closed negative with 10 positive, 29 negative and 1 flat
  • 12/1 – Monday closed negative with 5 positive, 31 negative and 0 flat

 

As the leading voice of cell and gene therapy investors; I am NOT always a doom and gloom analyst/journalist but a man who has been “there” (BUY, SELL, VC and multiple operating roles) with the gray hair and a readership following with real numbers to prove it!

  • I am more frequently right than consequentially wrong; if I wanted to be liked, I wouldn’t have been an analyst/journalist.

 

Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice. All investments are subject to risks. Investors should consider investment objectives.

Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors.  All investments are subject to risks. Investors should consider investment objectives.  Regulation Analyst Certification (Reg AC):

The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and it’s or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed.