Stocks are modestly weaker out of the gate today, along with gold and silver. But crude oil is popping along with the dollar and Treasuries.
On the news front...
Today is the day! The day the technology world (and American consumers) get their first “official” look at Apple’s (AAPL) iPhone 15. Of course, details about the smartphone have been leaking out for weeks like with previous iterations. The lineup will sport better cameras, faster processors, and a new charging port based on USB-C technology rather than Apple’s proprietary Lightning standard.
Interesting story here about “0DTE” options and the surge in trading of these extremely short-term, leveraged contracts. I had a conversation with an options expert at the MoneyShow Toronto and as he rightfully pointed out, you could always trade options that had very little time left until expiration. Simply trade a standard “monthly” option that’s very close to expiration.
But the “Zero Days To Expiration” trend has exploded into its own thing, complete with lots of discussion and promotion on social media. One result: Overall options volume has soared. The Wall Street Journal piece notes that 44 million options contracts are trading per day on average this year. That’s up 8% from 2022 and double the amount a half-decade ago.
North Korean leader Kim Jong-un is meeting with Russian President Vladimir Putin in the Pacific Ocean port city of Vladivostok. The secretive North Korean leader likely wants more advanced military and satellite technology from Russia, while Russia could use North Korean arms to bolster its war effort in Ukraine.
