Prices rise not because anyone concluded the company is worth more, but because participants who owe shares are compelled to buy them — and their buying forces more buying.
Triple Witching: What Actually Happens on Expiry Friday
Volume rises sharply and prices in individual names move for reasons unconnected to those companies. The day is worth understanding so its effects are not mistaken for information.
What Happens When an Index Rebalances
A stock is added to an index and rises before the change takes effect. No analyst upgraded it. Several trillion dollars of tracking capital simply became obliged to own it.
Buyback Blackouts: The Bid That Disappears Every Quarter
For several weeks each quarter one of the largest and most price-insensitive buyers in the market stops buying. It is a compliance requirement, and it runs on a published schedule.
What Really Happens to Markets in the Last Week of a Quarter
Volumes rise, sectors move together, and some of it reverses within days. Almost none of it reflects anyone changing their mind about anything.